Two more banks sue beer giant

Two more banks sue beer giant

SINGAPORE: Two more international banks have filed law suits against regional beer giant Asia Pacific Breweries over Singapore's biggest corporate crime, the brewer said in a statement.

Skandinaviska Enskilda Banken and Japan's Mizuho Corporate Bank have joined Germany's Bayerische Hypo-und Vereinsbank AG (HVB) in seeking to recover money lost in the fraud, the statement, released late on Thursday, said.

The law suits relate to Asia Pacific Breweries finance manager Chia Teck Leng stealing S$117 million (US$70 million) from the three banks, as well as Japan's Sumitomo Mitsui Banking Corp., between 1999 and 2003. -- AFP