Singapore: Asia Pacific Breweries Ltd (APB) rejects claims made by HVB. APB announced on September 21, 2004 that it notes the press release by HVB relating to its alleged claim for US$ 30 million against its subsidiary company, Asia Pacific Breweries (Singapore) Pte Ltd (“APBS”). “Bayerische Hypo-und Vereinsbank AG has a curious way of conducting legal proceedings. Instead of serving the Court papers on the other party, HVB has decided to announce its proceedings even before notifying APBS that it has commenced action,” APB said.

The company added: “Instead of allowing the Court to decide the case on its merits, HVB appears anxious to make its case through the media. It appears that the media statement is nothing more than an attempt by HVB to deflect attention from lapses in its own internal controls. It is HVB that has failed to detect and prevent acts of fraud by Chia. This will become apparent at the trial. APBS will respond in Court at the appropriate time to the proceedings. APBS believes that it has a good defence and has instructed its lawyers, Davinder Singh SC and Hri Kumar of Drew & Napier LLC, to vigorously defend the claim.

HVB’s media release mentions that their request to the Court for documents from APBS was rejected by the High Court. When HVB made that request, it said that it needed the documents to enable HVB to assess its potential claims against APBS. It is interesting that HVB has now sued without the benefit of those documents which they said they needed to assess their claims against APBS. HVB claims that APBS knew of Chia’s history of gambling when they employed him. This is untrue. Various other allegations have been made in the media release. They are rejected and will be dealt with at the appropriate time in Court.

APBS would not ordinarily have issued a media release of this nature but HVB’s media statement has made it necessary for APBS to respond in this manner. HVB should let the Courts decide the case.”

25 September, 2004