Sembcorp Marine says subsidiary Jurong Shipyard today commenced an action in the High Court of Singapore against Societe General (SG) to recover a sum of US$198.9 million ($286 million).

The breakdown of the claims is as follows:

• the sum of US$83.5 million that was paid to SG before the unauthorised foreign exchange transactions were uncovered in October 2007, and
• US$115.4 million that was paid to SG as part of a pre-condition for closing out of unauthorised transactions with Jurong Shipyard in November 2007, subject to Jurong Shipyard’s right to a refund of the monies from SG if the dispute is resolved in the shipyard’s favour.

Jurong Shipyard says it remains of the view that the unauthorised transactions were not valid and binding, and is pursuing its right to claim for a refund from SG.

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