HONG KONG (May 3): Singapore’s DBS Group Holdings Ltd. lost part of a case over losses on millions of dollars of investments for the family trust of a wealthy Chinese banker and his wife during the global financial crisis.

The plaintiffs were Industrial & Commercial Bank of China Ltd. executive Zhang Hongli, his wife Ji Zhengrong, the trustees of their family trust, and the trust’s investment company.

In a ruling in Hong Kong’s High Court on April 13, Justice Mohan Bharwaney ordered the bank to pay compensation to the trustees and the investment company, with the amount to be determined at a later date, saying two DBS entities were negligent in approving investment decisions by Zhang’s wife on behalf of the family trust.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook