Goldman seeks to halt Oei Hong Leong's lawsuit
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
A GOLDMAN Sachs Group unit has asked a court to halt Singapore tycoon Oei Hong Leong's lawsuit claiming it misled him into making leveraged trades that the yen would fall against the Brazilian real.
Goldman Sachs International said in a Nov 6 filing with the Singapore High Court that proceedings should be suspended in favour of private and confidential arbitration. Court papers detailing reasons aren't publicly accessible. A closed hearing is scheduled for tomorrow.
Mr Oei, who in 2009 settled a claim against Citigroup Inc over $1 billion in trading losses, accused Goldman Sachs in the lawsuit of Sept 20 of making fraudulent representations that the real was a stable and liquid currency anchored to the US dollar. He is seeking US$31.7 million in trading losses, plus interest.
Share with us your feedback on BT's products and services
TRENDING NOW
Autobahn Rent A Car directors declared bankrupt over S$50 million each owed to DBS
Amazon’s MGM Studios gains creative control over ‘James Bond’ franchise
UOB’s Wee Ee Cheong says S$4.9 billion Citi deal ‘paying off’ as Asean push accelerates
In taxing wealth, how far can Singapore push property owners?
