Leading Singapore-based oil rig builder SembCorp Marine has appointed PricewaterhouseCoopers (PwC) as independent accountants to investigate foreign exchange deals which have led to losses of up to $S370m (£124m).

Earlier this week, SembCorp Marine revealed Wee Sing Guan, former finance director, had generated those losses when he allegedly entered into various unauthorised foreign exchange transactions for the account of one of its wholly-owned subsidiaries, Jurong Shipyard.

PwC replaces an Ernst & Young (E&Y) investigating team following concerns about the suitability of E&Y which is SembCorp Marine’s external auditor. The new PwC team will work jointly with law firm Drew & Napier to investigate the unauthorised transactions, their nature and the full circumstances surrounding the unauthorised transactions.

Separately, SembCorp Marine has appointed Maureen Leong interim finance director. She will assist in the company's finance, treasury and tax matters for at least six months, until a suitable candidate is found. Previously, Leong was executive vice president at parent company SembCorp Group, overseeing mergers and acquisitions and project financing.

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