SEB, HVB Appeal Ruling on Brewer’s ‘Gambling Monster’
April 27 (Bloomberg) -- Bayerische Hypo-und Vereinsbank AG and SEB AB appealed a Singapore court ruling that Asia Pacific Breweries Ltd. wasn’t responsible for $57 million in loans taken out by a former executive to fund his gambling addiction.
Chia defrauded four banks including Japan’s Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. of S$117 million ($85 million) by forging the signatures of Asia Pacific Breweries directors to get loans in the company’s name between 1999 and 2003. The Tokyo-based banks withdrew their case against Asia Pacific Breweries on the seventh day of the trial.
In addition to the loans, Chia also embezzled S$53 million from the brewery, according to court filings.
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