How a dinner with Goldman cost $34m

Before Dinner Rikard Sigvardsson

What’s the most money a dinner has ever cost you ? Two hundred bucks ? Five hundred ? A thousand ?

MarketWatch reports that self-made Asian tycoon Peter Oei may take the award for the all-time record. He reckons he’s out about $34m. And that doesn’t even include the cost of the food and the wine.

The dinner wasn’t even in a fancy restaurant. It was at his house in Singapore.

So how did the dinner end up costing him $34m ? In a nutshell: It was dinner with Goldman Sachs. And it led to a dispute between Oei and the bank that is now at the centre of a lawsuit in federal court in New York.

Oei’s full name is Oei Hong Leong, but he is known as Peter Oei (pronounced 'We').

He alleges that Goldman’s bankers lied to him, suckered him, and then scammed him out of millions. He accuses Goldman of using him as a patsy in order to bet against him and clean up in the foreign-exchange markets.

Goldman is defending itself against the suit and says it is without merit. But it will be fascinating if this thing goes to trial. The Oei suit casts a light on the largely hidden world of high-hat investment banking and its super-rich clients.

To access the complete MarketWatch article hit the link below:

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