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Two private bankers sued for US$ 8 million currency losses

Societe Generale's Singapore private bank and two staffers have been sued by an ex-client who accused the French bank of losing his money through risky bets and trying to hide the losses from him, according to a court document.

Chan Leong Cheng, a resident of Perth, Western Australia, is seeking to recover around $8 million in losses that resulted from foreign exchange trades, plus damages to be determined by Singapore's High Court, the Oct 12 dated document showed.

A SocGen spokeswoman in Singapore said she could not immediately comment on the matter, while the bank could not be reached for comment in Paris. SocGen said in April it was investigating "anomalies" found in a client account overseen by one of its private bankers in Singapore.

SocGen had said it discovered the anomalies in February and had immediately informed clients who might be affected. It was not immediately clear on Thursday if the two cases were linked.

Chan said the two SocGen employees, both relationship managers, had provided him with bogus statements showing his account had a balance of US$ 8.2 million when the actual value was much smaller.

Source: Reuters
Date: 14.10.2010 [267]
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