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RBC joins Goldman in suing clients after Singapore crash

Singapore Business Review

Let the suing spree begins.

According to a report by Bloomberg, Royal Bank of Canada sued three private wealth clients in Singapore, joining companies including Goldman Sachs Group Inc. seeking money owed by customers after an October stock rout.

Blumont Group Ltd. (BLUM)’s Executive Chairman Neo Kim Hock and Executive Director James Hong and businessman Nelson Fernandez owe the Canadian bank a total of $63.3 million, according to lawsuits filed in the Singapore High Court. The men refused to pay after shares in companies such as Blumont, Asiasons Capital (ACAP) Ltd. and LionGold Corp. (LIGO), held as security, tumbled in the October crash, the bank said in court papers.

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Read full report here.



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