Oei Hong Leong net worth $300 million but can pay $1 BILLION loss

[ChaoAhBeng]

Mr Oei want to set a good legacy. pretty much i want to see someone high profile go bankrupt from ultra-rich. It's a cycle. Who know Ah Beng can become rich one day. hahaha

 

[popdod]

i wonder if he is able to sleep well during this period of time.

If i lost just 100k i goona go crazy!!!

To him, 100k is considered peanuts liao.
but
dunno about 1 Billion.......maybe consider coconuts...


:o :o

 

[ChaoAhBeng]

1 billion can make a ball shrink into a pussy for mths boy.. haha. 1 000 000 000.

 

[dysentry]

knn... make money gloat like pig... lose money sue in court... beh kan...

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[shelltox]

Wan wan cheen, wan wan liao.
piang lai gai gn , paow shu kiao (say it in teochew)

a translaction

wealth that are accumulated through ill gotten gains
would be lost at the gambling table.

A really gem of chinese wisdom

 

[makapaaa]

He ATM from me lah! *Grrr...*​

 

[downgrader]

already so rich and so old

why dont just sit back and enjoy life

trade this trade that, sue here sue there

what for, in the end we all die

to me, this is damn stupid, but i'm just a humble guitar player

what do i know

 

[downgrader]

He ATM from me lah! *Grrr...*​

this pic quite cute

 

[SIFU]

YOu should read the book by Robert Kiyosaki Title " If you want to be rich and Happy, Do not go to school"

And you will understand how this Dog and Dog world comes about, a very sinkified way of doing business.

CB Kia tonychat,

fail PSLE say fail PSLE lah..

dun try to bluff people say u fail becos u read that book:oIo::oIo:

 

[soikee]

Home > Breaking News > Singapore > Story
May 19, 2009
Oei sues Citigroup

Businessman claims bank gave him an inaccurate picture of his trading exposure
By Lee Su Shyan, Assistant Money Editor

Mr Oei claims the bank sent him conflicting reports on his exposure. -- ST PHOTO: WANG HUI FEN

LOCAL businessman Oei Hong Leong - dubbed the 'man with the Midas touch' - lost a whopping $1 billion on foreign exchange and US Treasury bond transactions last year.

While he has fully paid off these losses, he is now suing Citigroup's private banking arm in the High Court for negligence and misrepresentation, legal documents seen by The Straits Times reveal.

Mr Oei claims that the bank - with which he has a 30-year relationship - repeatedly gave him an inaccurate picture of his trading exposure, causing him to take on more positions than he would have otherwise done so.

When he knew the full extent of his exposure, he felt he had no choice but to close his positions - at an extremely volatile time last October - thus suffering massive losses.

It is not clear how much of a beating Mr Oei's net worth has taken, but he was ranked Singapore's 29th richest man by Forbes last year with a net worth of only US$210 million (S$308 million). Forbes bases its listing on stakes in publicly traded companies and in private company filings.

Ironically, Mr Oei has become the latest high-profile victim of the financial crisis because he was trying to reduce his exposure.

In 2007, he believed that the global economy would experience a downturn and decided to trim his trading positions, his statement of claim says.

Meanwhile, he told his private bankers that he wanted to maintain a margin surplus of about US$100 million.

This is cash placed with a bank and clients can trade up to several times that amount. If the trades run up losses, this margin has to be topped up.

Following a change of relationship manager last year, Mr Oei dealt mainly with two assistants in the private banking department, whom he would call to check on the balance on a daily basis.

Read the full story in The Straits Times today.

[email protected]

This fucker is a sore loser!

Retribution has finally caught up with him.

In the 80's he lost a few hundred millions of Dollars from UIC in his speculation in the Nikkei Stock Exchange, and just because old scum's brother was the chairman of UIC, they permitted him to leave for HK without further investigations.

He together with the conspiracy of ex-Price Waterhouse accountant, Nicky Tan managed to rip off from the investing public hundreds of million of Dollars from his family' IPOs of Asia Food & Property and Golden Agri in the SES.

He's a balls carrier of old scum......not long ago he made headlines by buying up AIG shares and flipped them over for a $3m profit which he donated to the school of old scum.

 

[soikee]

He's not that sort.

In fact, he had a disagreement with our Government and it's runner when he made a bid to purchase a steel manufacturer a couple of years back.

He's the worst kind of them all! What do know about this smelly Oei Hong Leong?

If not for the alertness of his bodyguards in 2000, he would have been bundled
up & dumped into HK Victoria Harbour for conning hundreds of millions of Dollars from
the investing public.

Since that fateful day, he dares not visit HK again.

 

[jbsmith]

He sure look like the comedian "Yah Fong"
remember Wang Sar & Yah Fong the two comedian?
Both now lived in another planet.

Ya, he looks alike.

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[saratogas]

knn... make money gloat like pig... lose money sue in court... beh kan...

Ha ha thanks for the clip -

 

[Zombie]

Meanwhile, he told his private bankers that he wanted to maintain a margin surplus of about US$100 million.

Oei calls Bank on the phone
Banker A: "Mr Oei, how much money are you willing to risk this time?"
Oei: "一亿"
Banker A: "一亿??... are you saying One Billion?"
Oei: "One B?? 是一亿啦!! 他妈的!!"
Banker A: "Yes.. Yes.. Yes.."
Hang up.

Banker A mutters to himself: " [One Billion 是一亿] also no need to call my mom."

Banker B: "So how much this time?"
Banker A: "Oei said one billion."
Banker B: "Let's do it."

 

[eatshitndie]

Let me give u an example:
Total assets: $4 b
Total loan: $3.7b (total credit line fm various banks:$5b. Bal line $1.3b)
Therefore net worth: $300,000.
Still can use the bal. line of $1.3b to pay $1b losses.
Makes sense?
Not entirely but close to actual scenario becos his actual net worth & actual losses as reported may not be entirely accurate in the first place

your math is screwed up.

$4b - $3.7b = $0.3b = $300m not $300k

anybody with a net worth of $300,000 can go suck eggs.

 

[shelltox]

[

the man with the midas touch