SembCorp Marine estimates losses of US$248m in forex dealing
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SINGAPORE : Sembcorp Marine could see losses of as much as US$248 million in foreign exchange dealings.
The company said it has sacked its Finance Director Wee Sing Guan, who was responsible for the unauthorised trades.
The trades were done on the account of Jurong Shipyard - one of its units.
Sembcorp Marine has appointed Drew & Napier and Ernst & Young to investigate the transactions.
In a statement on Monday, SembCorp Marine said it has received mark-to-market information on the foreign exchange transactions from the various banks.
It estimated that the losses could amount to US$165 million.
This is on top of the US$83 million which Jurong Shipyard had already paid to one of the banks before the unauthorised transactions were discovered.
Sembcorp Marine is the offshore and marine arm of SembCorp Industries.
Both counters were suspended from trading on Monday, ahead of the announcement. - CNA/ms
/gg -
wow.. another loss for temesek..
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loss or no loss, the Finance fella is going to prison...
this is CBT..
unless SembCorp authorises it, he cannot do such trades because it is not the business of SembCorp...
sheesh... you think after Nick Leeson, people will know better... -
Indeed, the management shud also bear part of the brunt for their 'honest oversight'.. on the rouge trader..Originally posted by the Bear:loss or no loss, the Finance fella is going to prison...
this is CBT..
unless SembCorp authorises it, he cannot do such trades because it is not the business of SembCorp...
sheesh... you think after Nick Leeson, people will know better... -
luckily they said temasek $$$ is not citizens' cpf $$$...
so the more they lose, the happy we are...
there's a myth that the man man go which company, the company will definitely make a loss, one good example is chartered semiconductor manufacturing, next will be their temasek...
so happy... pm me if you also feel happy
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Finance director... he's going to have free lodging for some time...
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Hmm.. so many losses for Temasek companies these days... They just had a drop in profits of around 25%. I wonder what will be next year's? Does anyone know if Shin Corp's losses have been treated as provisions in the balance sheets?
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Originally posted by Seven_Dragon:
Happy for what? Wanna guess where Temasek's $$$ comes from?
[b]luckily they said temasek $$$ is not citizens' cpf $$$...
so the more they lose, the happy we are... -
I think we shouldn't politicise everything we read.
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but they say they not using the cheap source of fund watOriginally posted by Slipshade:Happy for what? Wanna guess where Temasek's $$$ comes from? -
Never believe everything that you read.Originally posted by Lin Yu:but they say they not using the cheap source of fund wat -
you guys are crazy
gov gets the money from your taxes
it pays for your schools, your road repairs, your civil servants.
When the gov needs money, it increases taxes.
you guys are crazy to be happy when the gov loses money. -
does dis mean our tax would get high?
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SO CB so cb leh
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wow... lose 248m sia....
tat shows how biiiiig their bank acct is......
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hmmm somehow i got a feeling his sentence will be more xiong than the one Leeson got.... and he wont be writing any book after that too...Originally posted by the Bear:loss or no loss, the Finance fella is going to prison...
this is CBT..
unless SembCorp authorises it, he cannot do such trades because it is not the business of SembCorp...
sheesh... you think after Nick Leeson, people will know better... -
gambling... gambling... again... Chia Tech Leng was finance director of APB and now, this guy, another finance director...
I think accountants have such boring jobs, they just have to gamble!
He will of course say that he was trying to "hedge" the company's foreign currencies, just doing his job and it was an honest mistake.
If he is brought before the court, he should boldly ask why the PM husband's can get a big bonus and rise all the way to the top in spite of all the spectacular losses "shim" made and he gets sack. -
i think all companies should close shop, because all trades they make are a gamble on profits.
sometimes, i wonder if you ever raise any insightful points at all, andrew -
Sir, may i ask, who is PM's husband?? Isn't our PM a male.Originally posted by AndrewPKYap:gambling... gambling... again... Chia Tech Leng was finance director of APB and now, this guy, another finance director...
I think accountants have such boring jobs, they just have to gamble!
He will of course say that he was trying to "hedge" the company's foreign currencies, just doing his job and it was an honest mistake.
If he is brought before the court, he should boldly ask why the PM husband's can get a big bonus and rise all the way to the top in spite of all the spectacular losses "shim" made and he gets sack.