Royal Bank of Canada filed lawsuits against three private wealth clients in the Singapore High Court.

Royal Bank of Canada has filed lawsuits against three private wealth clients in Singapore for allegedly refusing to pay after shares in their companies dropped when stock values crashed in October 2013, Bloomberg reports.

The lawsuits were filed in the Singaporean High Court against Blumont Group executive chairman Neo Kim Hock, executive director James Hong, and businessman Nelson Fernandez. Citing court papers, the news service said that the three owe the bank a total of $63.3 million. RBC is seeking $22.8 million from Neo, $17.8 million from Hong and $22.7 million from Fernandez.

In his defense filed in 21 March, Hong reportedly said that RBC's lawsuit against him "has no prospect of success" and should be dismissed because it is frivolous. Neo and Fernandez have yet to file their defenses.

Blumont Group is one of the companies facing a probe by the Monetary Authority of Singapore and the police department for potential breaches of the Securities and Futures Act, according to a statement on the MAS website. In early October, Blumont and two other commodity companies saw their shares plunge at least 87 per cent in a span of three days, prompting the regulator to investigate.

RBC declined to comment on the matter when contacted by WealthBriefing Asia.