Royal Bank of Canada (RBC) has reportedly sued three private wealth clients in Singapore to recover money owed by customers after an October stock rout.
According to lawsuits filed in the Singapore High Court, RBC has sued Blumont Group’s executive chairman Neo Kim Hock and executive director James Hong and businessman Nelson Fernandez.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
RBC is seeking US$22.8 million from Neo, US$17.8 million from Hong and US$22.7 million from Fernandez, according to Bloomberg.
In its lawsuits, the Canadian bank alleged that these people declined to pay after shares in companies such as Blumont, Asiasons Capital (ACAP) and LionGold (LIGO), held as security, tumbled in the October crash.
In response, Hong has urged the court to dismiss the charges. Neo and Fernandez are yet to file their defences.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
