SembMarine to pay SocGen $ 115.45 mln to close FX deals

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SINGAPORE, Nov 19 (Reuters) Singapore rig builder SembCorp Marine said on Monday its Jurong Shipyard (JSPL) unit will pay Societe Generale 5.45 million plus interest to close out foreign exchange transactions.

The amount paid to the French bank is part of the loss of 3 million announced by SembMarine on Nov. 1 that arose from alleged ''unauthorised'' transactions by its former finance chief.

The Singapore rig builder said the trades were not valid and binding.

''Societe Generale accepts that such payment is without prejudice to JSPL's position that the transactions are unauthorised and is subject to JSPL's right to a refund of the monies,'' SembMarine said in a disclosure statement to the Singapore Exchange.

To facilitate the payment, SembMarine will raise JSPL's capital by S0 million (6.9 million) through the subscription of 300 million redeemable preference shares.


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