13 Jun '11, 11am

IM$avvy Info Hub: Give back customer’s US$2.34m, bank told #news #Singapore

A WOMAN who lost US$2.34 million when a bank employee carried out risky investments without asking her permission is to get her money back following a decision by the High Court. China national Madam Jiang Ou had sued EFG Bank over the 160 transactions made with her money. The Swiss firm, which operates here, argued that it was not responsible for the unauthorised actions of its Singaporean employee because of a clause in an agreement signed by Madam Jiang. It was the first time a bank had tried such a move, and the suit became a test case. But Justice Steven Chong dismissed EFG's argument as 'plainly unreasonable' in a judgment on Thursday, and ordered the bank to repay the US$2.34 million. Madam Jiang is the managing director of a paper products company in Shenyang, northern China. In 2008, she and her husband applied to become Singapore permanent residents. She did so u...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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