Business News
Singapore tycoon reaches agreement with Citi over hefty losses
Oct 1, 2009, 14:25 GMT
Singapore - One of Singapore's richest businessman has reached an out-of-court agreement with Citigroup Inc. after he sued the bank over losses of 1 billion Singapore dollars (683 million US dollars) from foreign exchange and bond transactions, a media report said Thursday.
'Citi and Mr Oei Hong Leong have reached an amicable settlement, as a result of which Mr Oei will be discontinuing the action. The terms of the settlement are confidential,' the online edition of Straits Times newspaper quoted a Citi statement as saying.
Oei, 61, had claimed Citi's private banking arm repeatedly gave him an inaccurate picture of his trading exposure, causing him to take on more positions than he would have taken otherwise.
He sued the bank for negligence and misinterpretation in May, but the bank denied any wrongdoing.
Oei recently was ranked Singapore's 33th richest man by Forbes magazine with a net worth of 200 million US dollars.
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