Oei Hong Leong loses $1b, takes Citigroup to court: Singapore businessman Oei Hong Leong sues Citigroup's private banking arm in the High Court over $1 billion losses.
LOCAL businessman Oei Hong Leong - dubbed the 'man with the Midas touch' - lost a whopping $1 billion on foreign exchange and US Treasury bond transactions last year.
While he has fully paid off these losses, he is now suing Citigroup's private banking arm in the High Court for negligence and misrepresentation, legal documents seen by The Straits Times reveal.
Mr Oei claims that the bank - with which he has a 30-year relationship - repeatedly gave him an inaccurate picture of his trading exposure, causing him to take on more positions than he would have otherwise done so.
A spokesman from Citi told Reuters in an email,
We believe that the claim is without merit and we fully intend to defend our position vigorously.
It declined to comment further on the matter.
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