SGS Reaches Agreement with the Government of the Republic of the Philippines

Société Generale de Surveillance (SGS) SA and the Government of the Republic of the Philippines have reached an agreement on the settlement of receivables associated with pre-2002 discontinued preshipment inspections contracts, a statement on the SGS Web site said. According to the statement, the Government of the Republic of the Philippines will pay SGS a total of CHF 150 million in two equal instalments in 2008 and 2009. "I am delighted that we could bring this matter to a fruitful conclusion. We are now, finally, in a position to put these matters behind us. For this, the Board of Directors of SGS thanks the Government of the Republic of the Philippines for their continuous, constructive cooperation during the settlement process," said Sergio Marchionne, Chairman of SGS.

April 21, 2008
Read the article