Former banker found liable for $6.5m claimed by ex-client

Former banker found liable for $6.5m claimed by ex-client

TheMerlionPost·2018-01-03 13:05

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An ex-private banker who was given a visit at his home at Chancery Lane has been held by the High Court to be responsible for the $6.5 million in investments he had guaranteed one of his client, a businessman.

Mr Karl Liew, son of founding president and ex-chief executive officer of CapitaLand Group, Mr Liew Mun Leong, was sued by businessman Mr Alan Zhou for breaching personal guarantees. In addition, the court also found Mr Liew responsible for a case of deceit in making false representations to Mr Zhou about some investments the latter had made in China.

Mr Liew claimed that Mr Zhou had breached the agreements by not paying the investment funds to RCL, but to a third party instead. The latter was a Chinese national by the name of Ms Chen Jie, the contact point for recipients of investments in China.

Mr Zhou was also sued for damages against the firm System Impact, having asserted that the staff of the firm had wrongfully retained monies. Under the investment pacts, Mr Zhou was required to transfer funds to the System Impact account, but had failed to do so.

(Image Credit: LinkedIn)

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