BusinessCompany NewsPwC to investigate £124m loss in forex deals

PwC to investigate £124m loss in forex deals

Oil rig builder SembCorp Marine has appointed PwC to investigate unauthorised foreign exchange transactions leading to losses of £124m

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.

Further reading:

PwC objects to PCAOB report faulting its audits

PwC to examine accounts at Carter & Carter

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

12m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor