An Indonesian investor is trying to appeal a ruling that rejected his claim to recover $1.9 million in losses over alleged unauthorised transactions from Citibank.
An Indonesian investor is trying to appeal a ruling that rejected his claim to recover $1.9 million in losses over alleged unauthorised transactions from Citibank, according to The Straits Times (of Singapore).
High Court Justice Vinodh Coomaraswamy in Singapore found that Chandra Winata Lie's "entire claim for unauthorised trading is an abuse of process", the report said.
The judge, in a ruling last week, found Winata was unable to "properly plead his cause of action, particularise it or to point to some proof that is rationally connected to each essential element".
Between May 2007 and October 2008, Winata's accounts at Citibank's private banking division in Singapore saw significant activity in sophisticated derivatives transactions in foreign exchange and equities, the judge is reported by the publication as having said. These transactions entailed substantial potential liability for Winata, a high net worth individual residing in Indonesia.
He had three investment accounts, two of which were in his own name, and a third in the name of his offshore personal investment trust company.
This liability became all too real when, amid the financial crisis six years ago, his accounts reported heavy losses on transactions made after March 2008.
The report said Winata filed a lawsuit against the US bank in April last year on three causes of action: its failure to advise, negligent misrepresentation and unauthorised trading.