Singapore businessman sues Citi over alleged margin discrepancies

News

A prominent Singapore-based businessman, Oei Hong Leong, is suing Citi's private banking arm for alleged negligence and misrepresentation over losses on foreign exchange and US Treasury bond transactions in October 2008.

In a case filed with the High Court in Singapore on May 15 (Oei Hong Leong and Citibank NA, S424/2009/T), Oei claimed the US bank repeatedly gave him "inaccurate" information regarding his margin surplus in October 2008, and that this caused him to take on more positions than he

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