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PR Newswire
07-07-2013, 06:33 PM
Saturday, Jul 06, 2013
AsiaOne
SINGAPORE - Global Yellow Pages CEO Chen Bao Neng (Stanley Tan) is taking UBS to court after he suffered losses amounting to $25.4 million in just two days.
According to Lianhe Zaobao, the 55-year-old executive director had invested in 16 financial products through UBS from October 2007 to August the following year.
He then lost $25.4 million in the 2008 financial crisis.
Although he suffered the losses more than five years ago, and had repaid the debt before last January, Mr Chen regarded this as a breach of contract by UBS.
He then brought UBS to court in February this year.
In court documents, Chen accused UBS of not complying with the International Swaps and Derivatives Association (ISDA) agreements' stipulated grace period, resulting in his huge losses.
He also said UBS reneged on the agreement by selling his account in the stock prematurely, and for doing so without his permission.
A pre-trial conference is scheduled for July 22.
However, UBS said it had given Mr Chen earlier notice that he could sell at a loss, and that he was the one who ordered the selling of the financial product.
It also claimed that it had informed Mr Chen that he could top up his accounts in October 2008, but the top-ups were insufficient to cover the losses.
UBS also claimed that it had called Mr Chen on October 22 to notify him about the situation, and that he had agreed to terminate all his investments.
According to UBS' guidelines, they have the right to terminate financial products if the customer is unable to meet margin calls.
Retired at 35
According to Shin Min Daily News, Mr Chen is a holder of the Public Service Star who retired at 35 years old.
Media reports said Mr Chen became wealthy through a printing company. He later diversified his portfolio and became the largest shareholder of Global Yellow Pages, holding a 17.61% stake in the company.
He is also reportedly a public-spirited, serving as the director of several charitable organisations. Mr Chen was awarded the Public Service Star medal in 2011.
According to the National Volunteer & Philanthropy Centre website, He became the agency's fourth president in November 2007.
AsiaOne
SINGAPORE - Global Yellow Pages CEO Chen Bao Neng (Stanley Tan) is taking UBS to court after he suffered losses amounting to $25.4 million in just two days.
According to Lianhe Zaobao, the 55-year-old executive director had invested in 16 financial products through UBS from October 2007 to August the following year.
He then lost $25.4 million in the 2008 financial crisis.
Although he suffered the losses more than five years ago, and had repaid the debt before last January, Mr Chen regarded this as a breach of contract by UBS.
He then brought UBS to court in February this year.
In court documents, Chen accused UBS of not complying with the International Swaps and Derivatives Association (ISDA) agreements' stipulated grace period, resulting in his huge losses.
He also said UBS reneged on the agreement by selling his account in the stock prematurely, and for doing so without his permission.
A pre-trial conference is scheduled for July 22.
However, UBS said it had given Mr Chen earlier notice that he could sell at a loss, and that he was the one who ordered the selling of the financial product.
It also claimed that it had informed Mr Chen that he could top up his accounts in October 2008, but the top-ups were insufficient to cover the losses.
UBS also claimed that it had called Mr Chen on October 22 to notify him about the situation, and that he had agreed to terminate all his investments.
According to UBS' guidelines, they have the right to terminate financial products if the customer is unable to meet margin calls.
Retired at 35
According to Shin Min Daily News, Mr Chen is a holder of the Public Service Star who retired at 35 years old.
Media reports said Mr Chen became wealthy through a printing company. He later diversified his portfolio and became the largest shareholder of Global Yellow Pages, holding a 17.61% stake in the company.
He is also reportedly a public-spirited, serving as the director of several charitable organisations. Mr Chen was awarded the Public Service Star medal in 2011.
According to the National Volunteer & Philanthropy Centre website, He became the agency's fourth president in November 2007.
