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Enter Symbol
or Name
USA
CA



Royal Bank of Canada
Symbol RY
Shares Issued 1,442,270,017
Close 2014-04-09 C$ 73.25
Market Cap C$ 105,646,278,745
Recent Sedar Documents

Post says RBC joins Goldman Sachs in Singapore lawsuit

2014-04-10 09:34 ET - In the News

The Financial Post reports in its Thursday edition Royal Bank of Canada has sued three private wealth clients in Singapore, joining the likes of Goldman Sachs Group seeking money owed by customers after an October stock rout. A Bloomberg dispatch to the Post says Blumont Group Ltd. executive chairman Neo Kim Hock, executive director James Hong and businessman Nelson Fernandez owe RBC $63.3-million, according to lawsuits filed in the Singapore High Court (all figures U.S.). The men refused to pay after shares in companies such as Blumont, Asiasons Capital (ACAP) Ltd. and LionGold Corp., held as security, tumbled in the October crash. This brings the total banks and brokers are seeking to recover from the crash to at least $210-million. Singapore's central bank and white-collar crime agency last week widened their probe into suspected stock-trading irregularities around the plunge of the three commodity companies that erased $6.9-billion in market value. "There seems to have been a co-ordinated effort to bring about the rout that wiped out that much market value in such a short period of time," said Desmond Chua, a Singapore-based strategist at CMC Markets. Investigations have still not explained the crash.

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