On-Going Investigations Into Unauthorised Foreign Exchange Transactions

Singapore, Nov 28, 2007

On 22 October 2007, SembCorp Marine (""SCM"") announced that one of its employees, Mr Wee Sing Guan, entered into various unauthorised foreign exchange ransactions (the ""Unauthorised Transactions"") for the account of one of its wholly owned subsidiaries, Jurong Shipyard Pte Ltd (""JSPL""), and misled JSPL and SCM in elation to the Unauthorised Transactions. SCM had also announced that, in light of the reasonable prospect of litigation and to enable SCM and JSPL to obtain legal advice ith respect to possible claims and counter-claims in relation to the Unauthorised Transactions, SCM and JSPL had appointed Drew & Napier LLC and PricewaterhouseCoopers (""PWC"") to jointly investigate the Unauthorised Transactions, their nature and the full circumstances under which the Unauthorised Transactions came to be transacted. The joint investigation is ongoing. SCM had also made various subsequent announcements on this matter.

SCM wishes to announce that:

(a) as the purpose of the joint investigation by Drew & Napier LLC and PWC was and is to enable SCM and JSPL to obtain legal advice with respect to possible claims, as well as claims by JSPL, the findings of the joint investigation constitute legally privileged material and SCM and JSPL will not be making any public announcement of the findings;

(b) SCM will at all times disclose such information as it is required to disclose under the SGX's listing rules to comply with its continuing disclosure obligations;

(c) SCM will report to the relevant government and regulatory authorities any breaches of the law, actual or potential, which may be disclosed as a result of the joint investigation;

(d) Based on the information currently available, JSPL has today referred a complaint against Mr Wee Sing Guan to the Commercial Affairs Department for misleading SCM and JSPL in relation to the Unauthorised Transactions, and SCM has also today summarily dismissed Mr Wee Sing Guan from its employ.

- END -

For media & analysts enquiries, please contact:

Judy Han (Ms)
Senior Vice President
Investor Relations & Communications
Tel No: (65) 6262 7203
Fax No: (65) 6261 0738
Email: judy@sembcorpmarine.com.sg
Website: www.sembcorpmarine.com.sg

back to top