Goldman Sachs denies S’pore stock dump | KINIBIZ
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Goldman Sachs denies S’pore STORY BY WORLD BIZ
BLOOMBERG
stock dump US warship sailing near Paracel Islands
violated laws
India’s Sahara uses small savers to keep
Tweet resort afloat
New York restaurant offers USD100 golden
doughnut
A Goldman Sachs Group Inc unit denied
Indian economy can grow 8% in coming
dumping a Singapore private wealth fiscal year
client’s shares it held as collateral Indonesia funds to hold minimum 30%
and said it’s still owed money. gov’t bonds
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Quah Su Ling sued Goldman Sachs
International in London, accusing it of
breach of contract for selling her shares
in Blumont Group Ltd, Asiasons Capital
Ltd and LionGold Corp and depressing
their prices. Goldman Sachs International
countersued for US$12.3 million (RM40 million) 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 bank 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.â€
Shares of the three Singapore companies tumbled with Asiasons falling 62% on Oct 4, 2013, while
Blumont declined 56% and LionGold was down 42%. Over three days from Oct 4, 2013, the declines
erased US$6.9 billion from Singapore’s bourse value. The Monetary Authority of Singapore and
the city’s stock exchange said they would probe activities around the shares of the companies.
Quah, the Chief Executive Officer of IPCO International Ltd, claimed Goldman Sachs demanded she
repay US$48 million within 1 1/2 hours on Oct 2, 2013 and started selling her shares. The bank hadnâ
€™t informed her previously of any shortfall in her margin loan or give her reasonable time to make
payment, Quah said in court papers.
Edward Naylor, a Hong Kong-based spokesman for Goldman Sachs, didn’t immediately reply to
Goldman Sachs denies S’pore stock dump | KINIBIZ

an e-mail or return a call seeking comment. Quah also didn’t respond to an e-mail or a call to her
Carving his own niche
office.
Feruni Ceramiche: The story
Regulators around the world have stepped up oversight of capital markets after the global financial
of a tiler
crisis in 2008. Singapore’s central bank established a 13-member council in 2010 with the goal of
boosting corporate governance standards and investor confidence. The Singapore Exchange, Southeast
Recalibration of the Budget
Asia’s biggest bourse, said after the decline of the three stocks it plans to add circuit breakers in
2016 a realistic scenario
2014 to halt trading for 10 minutes when shares move 10% in either direction.
Bursa to see mild profit
The case is Quah Su Ling v Goldman Sachs International. HQ13X05341. High Court of Justice, Queenâ
taking; positive outlook
€™s Bench Division.

Swiss AG suspects US$4b — by Andrea Tan

misappropriated, seeks Mâ
€™sia help

 
Lessons learned from
running a family business

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http://www.kinibiz.com/story/world-biz/67449/goldman-sachs-denies-spore-stock-dump-countersues-quah.html[10/8/2018 11:14:11 AM]