Citi hits back at inaccuracy claims
US bank denies businessman Oei Hong Leong's charges of negligence
Citi refuted allegations made by Singapore-based businessman Oei Hong Leong that its private banking arm gave him "inaccurate" margin information, leading him to make a reported loss of $518 million last year.
Oei alleged in a statement of claim filed with the High Court in Singapore on May 15 (Oei Hong Leong and Citibank NA, S424/2009/T) that the US bank caused him to make unspecified losses related to foreign exchange and US Treasury bond transactions in October 2008.
The statement said Oei
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