Tuesday, May 19, 2009

Singapore tycoon sues Citigroup over heavy losses...

A Singapore businessman sued Citigroup Inc’s private banking arm for negligence and misrepresentation after he lost 1 billion Singapore dollars (683 million US dollars) on foreign exchange and bond trades last year, media reports said Tuesday. 

Oei Hong Leong, 60, claimed the bank, with which he had a 30-year business relationship, repeatedly gave him an inaccurate picture of his trading exposure, causing him to take on more positions than he would have taken otherwise, the Straits Times newspaper reported. More...

See also:

  1. The Bernard Madoff scam: Top investors 'hit by $50bn con...'
  2. AIG collapse: panic in Singapore...
  3. Nick Leeson of Baring Banks infamy talks about the current crisis...

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