Société Générale’s Singapore private
bank and two of its executives are being sued in Singapore by a
former client who alleged more than $8m was wiped from his account
as a result of poor currency investments.
It is understood Chan Leong Cheng is
suing the Singapore office and executives in an effort to recover
about $7.9m. A Société Générale Private Banking (SGPB) spokesperson
said the bank acknowledged the writ filed in Singapore on 12
October by one of its clients.
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“The subject of the complaint has been
known by SGPB since May 2010. The bank has informed the regulatory
authorities and we contacted the client to find a solution in the
best interests of both parties,” the spokesperson said.
SGPB said the case was ongoing and it had no further comments to
make.
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