DBS gave Swiber cash just weeks before collapse

DBS Bank lent Swiber Holdings loans totaling $146m just weeks before its collapse, court documents show.

Swiber used the money to redeem maturing bonds, an affidavit filed by the company’s chairman Raymond Goh showed, reports Reuters.

These two loans, made in June and July, accounted for 27% of DBS’s total exposure of SGD700m ($522.5m) to Swiber.

DBS told Reuters in a statement that it had provided financing in the form of a bridging loan to be repaid upon the expected equity injection from the investor.

“Swiber’s