Skandinaviska Enskilda Banken AB (Publ), Singapore Branch v Asia Pacific Breweries

A company is not bound by, nor vicariously liable for, the fraud of an employee where the employee had neither actual nor apparent authority to make the representations relied upon, and a mere appointment to a managerial position does not constitute a holding-out of authority to warrant the genuineness of board resolutions or to commit the company to financing transactions.