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

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