asiaone.com - 2 month ago

SINGAPORE — A tyre workshop owner who handed more than $1 million in cheques to his Citibank relationship manager has sued the bank for not following his instructions on what to do with the money. In court papers obtained by The Straits Times, Yeo Choon Meng, 70, alleged that he wanted to put the money into fixed deposits in his sole name. But the cheques were deposited into a joint account that his former wife could access independently. Much of the money was placed in a unit trust and structured products. The unit trust was later partially redeemed, purportedly by his ex-wife. Yeo said he managed to withdraw only $100,000 from his account. He is claiming the remaining $1.05 million from the bank. He is also seeking unspecified damages for psychiatric harm, saying that he suffered sleepless nights after discovering what happened to his money. But Citibank contended that the sums were deposited into the joint account according to Yeo s instructions, which included the use of the funds to buy investment products.

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