Billionaire Peter Lim's ex-wife sues HSBC
Published on Feb 12, 2014 6:53 AM
Singaporean billionaire Peter Lim's ex-wife is suing HSBC Holdings, claiming she suffered losses because of the bank's negligence.
Ms Teo Geok Fong, who started investing with private banks after her divorce settlement in 2002, claimed she was misled into believing certain products were suitable for her risk profile, according to her lawsuit filed against HSBC's Singapore unit.
The London-based bank has denied wrongdoing.
HSBC "was always eager, motivated by their own commercial interests and/or financial benefits" to persuade her to buy products, including accumulators, decumulators and equity-linked notes, according to Ms Teo's complaint filed in the Singapore High Court.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here