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Gambling loss case involving APB begins in High Court

"On Monday morning, its subsidiary, Asia Pacific Breweries Singapore (APBS), will appear in court to answer claims made by four foreign banks on their financial losses arising from bogus loans obtained by Chia over a period of four years dating from 1999.

"The banks are Japan's Sumitomo Mitsui Banking (formerly Sakura Bank) and Mizuho Corporate Bank (formerly Fuji Bank), Sweden's Skandinaviska Enskilda Banken (SEB), and Germany's Bayerische Hyo-und Vereinsbank Aktiengesellschaft (HVB).

"In 2003, Chia was charged with 14 counts of forgery, four of criminal breach of trust of $53 million, two of money laundering, eight of abetting his girlfriend to use a forged passport, and 18 counts of cheating the four foreign banks of about S$117 million.

"A year later, he was sentenced to 42 years in prison

"... only S$34.8 million has been recovered from the amount he (Chia) swindled to feed gambling sprees and high living.

"...Following his conviction, the four banks want their money back..."

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