Asian Tycoon Locks Horns With Goldman Sachs Over Forex Losses - Report

Tom Burroughes

9 March 2016

Asian businessman Oei Hong Leong is suing 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.