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.