BNP demands $50 million from SembCorp
The French dealer is the first of the 11 counterparty banks to the unauthorised trades to take legal action against the company to recoup losses.
The sum, which is due to be paid by December 10, is part of $303 million in losses from unauthorised foreign exchange trades by former group finance director Wee Sing Guan discovered last month (FX Week, October 29).
The trades were closed out by November 1 without prejudice to the companies' and banks' positions in relation to whether the trades were
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