Legal
Asian Tycoon Locks Horns With Goldman Sachs Over Forex Losses - Report
A prominent Asian businessman who lost $34 million in the foreign exchange market is taking his case against Goldman Sachs to a US regulator, a report says.
Asian businessman Oei Hong Leong is suing Goldman Sachs over
currency trades that resulted in losses of $34 million, according
to the Straits Times (of Singapore).
Oei has lodged a complaint with the United States Commodity
Trading Futures Commission. The commission issued a letter on 29
January, asking the US firm to respond to Oei's complaint. The
bank can either make a monetary settlement or respond to the
complaint.
The report said Goldman Sachs has declined to comment on the
matter.
The deadline given by the Commission was 29 February; Goldman
Sachs asked for an extension of time, the report said.
The affair goes back to 2013, when Oei entered into leveraged
trades with the US bank involving the Brazilian real and the
yen.
