Singapore: Asia Pacific Breweries Pte Ltd (APBS) announced on September 23 that it is aware of a press statement issued by Skandinaviska Enskilda Banken AB's (SEB) lawyers that SEB has commenced legal proceedings against APBS.

APBS confirms that it has been served a Writ of Summons by SEB, as well as a second Writ from Mizuho Corporate Bank Ltd (Mizuho). APBS has been expecting these actions for some time as these banks have been threatening to sue since 2003. It is interesting that it has taken the banks so long to sue.

As APBS has said before, it is confident of its position and will vigorously defend the claims in Court. This is an opportunity for the Courts and the public to finally find out why the banks granted these loans.

This is a legal dispute. Like APBS, the banks should focus on fighting the matter in Court rather than through the media.

25 September, 2004