Goldman denies dumping client's shares, countersues

Money Roll

A Goldman Sachs unit has denied dumping a Singapore private wealth client’s shares it held as collateral and said it’s still owed money.

Bloomberg reports that Quah Su Ling sued Goldman Sachs International in London, accusing it of breach of contract for selling her shares in Blumont Group, Asiasons Capital and LionGold and depressing their prices. Goldman Sachs International countersued for $12.3m it says it’s still owed.

Goldman Sachs International sold the shares in an 'orderly and measured manner - consistent with industry practice and accepted standards - over the course of three weeks,' the firm said in court papers filed in London and made available this week. The lawsuit is Quah’s 'attempt to delay or avoid repayment of debt'.

Shares of the three Singapore companies tumbled with Asiasons falling 62% on October 4th, while Blumont declined 56% and LionGold was down 42%. Over three days from October 4th, the declines erased $6.9bn from Singapore’s bourse value. 

To access the complete Bloomberg article hit the link below:

Goldman Sachs Denies Singapore Stock Dump, Countersues 

Singapore May Step Up Money Laundering, Terror Finance Rules

image: © zack Mccarthy

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