Aug 2, 2011
Businessman sues Citibank for minimum $20.5m
By Selina Lum
Mr Ie Seng Hoan, who is in the textile business, is suing through his investment vehicle, ZhenYin Company, which he set up to invest with Citibank in 2003. -- ST PHOTO: JOSEPH HAIR
AN 88-YEAR-OLD man Indonesian businessman has sued Citibank for at least US$17 million (S$20.5 million) after he suffered investment losses.
Mr Ie Seng Hoan, who is in the textile business, is suing through his investment vehicle, ZhenYin Company, which he set up to invest with Citibank in 2003.
Mr Ie claims that his relationship manager made false or misleading statements which induced him into making investments and also exerted undue influence on him.
The case opened in the High Court on Tuesday and is scheduled for a 13-day hearing.
In his opening statement, Mr Ie's lawyer, Dr Koh Hai Keong, painted him as a man with minimal education who did not know English and had little sophisticated knowledge of financial matters.
Citibank, represented by senior counsel Hri Kumar, argues that Mr Ie, who has millions invested with other financial institutions, was a sophisticated investor and made his own judgment in relation to the transactions he is now complaining about.
Mr Godwin Chellam, a Hong Kong-based spokesman of Citigroup said: 'The litigation is wholly without merit and we will defend it vigorously in court.'
He added it would not be appropriate to comment further.
Businessman sues Citibank for minimum $20.5m
By Selina Lum
Mr Ie Seng Hoan, who is in the textile business, is suing through his investment vehicle, ZhenYin Company, which he set up to invest with Citibank in 2003. -- ST PHOTO: JOSEPH HAIR
AN 88-YEAR-OLD man Indonesian businessman has sued Citibank for at least US$17 million (S$20.5 million) after he suffered investment losses.
Mr Ie Seng Hoan, who is in the textile business, is suing through his investment vehicle, ZhenYin Company, which he set up to invest with Citibank in 2003.
Mr Ie claims that his relationship manager made false or misleading statements which induced him into making investments and also exerted undue influence on him.
The case opened in the High Court on Tuesday and is scheduled for a 13-day hearing.
In his opening statement, Mr Ie's lawyer, Dr Koh Hai Keong, painted him as a man with minimal education who did not know English and had little sophisticated knowledge of financial matters.
Citibank, represented by senior counsel Hri Kumar, argues that Mr Ie, who has millions invested with other financial institutions, was a sophisticated investor and made his own judgment in relation to the transactions he is now complaining about.
Mr Godwin Chellam, a Hong Kong-based spokesman of Citigroup said: 'The litigation is wholly without merit and we will defend it vigorously in court.'
He added it would not be appropriate to comment further.
