Coutts sues Blumont chairman for S$19.9m
Banks, traders seek to recover US$140m from October crash
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NEO Kim Hock, executive chairman of Singapore commodities company Blumont Group, has been sued by Coutts & Co, taking the sum banks and brokers are seeking to recover from an October crash to at least US$140 million.
Mr Neo owes Coutts S$19.9 million after his shares in Blumont, Asiasons Capital and LionGold Corp held as collateral fell in the sell-off, according to a lawsuit filed in the Singapore High Court. A closed hearing is scheduled for today.
The 65-year-old Malaysian has also been sued by Interactive Brokers LLC after he failed to pay for a S$26.5 million shortfall in his margin account. The Connecticut-based online brokerage firm accused Mr Neo and seven others of a "pump and dump" plan to manipulate shares of the three companies, according to a November lawsuit seeking to freeze S$79 million of their assets.
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