DBS (Development Bank of Singapore)

[CityFarmer]

This is the story from an experience banker, who has more than 30 years of experience with major banks. I trust him. Swiber case is indeed imploded without obvious indicators...

(not vested)

DBS chief Gupta defends decision to extend lifeline to Swiber

SINGAPORE (Aug 8): DBS Group Holdings’ top executive defended his bank's decision to throw Swiber Holdings a $197 million lifeline, indicating the lender was caught off guard by the speed at which the energy-services company collapsed in recent weeks.

Speaking to reporters after the Singaporean bank's earnings report, DBS chief executive officer Piyush Gupta said he had personally checked up on Swiber's financial health three months ago. He said the bank had spoken with a would-be investor to ensure an equity injection would be coming before deciding to extend bridging loans in June and July to the oil-services company, which is now under court supervision.

"The problem is Swiber imploded in six weeks," said Gupta, 56. "Between the end of May through mid-July, people said you should have known - but none of the indicators were showing."

Other lenders to the company also hadn't classified it as non-performing, he said.
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http://www.theedgemarkets.com.sg/sg/arti...ine-swiber