'Unbridled greed' behind DBS private-wealth dispute, says judge

HONG KONG (May 3): Singapore’s DBS Group Holdings Ltd. lost part of a case over losses on millions of dollars of investments for the family trust of a wealthy Chinese banker and his wife during the global financial crisis.

The plaintiffs were Industrial & Commercial Bank of China Ltd. executive Zhang Hongli, his wife Ji Zhengrong, the trustees of their family trust, and the trust’s investment company.

In a ruling in Hong Kong’s High Court on April 13, Justice Mohan Bharwaney ordered the bank to pay compensation to the trustees and the investment company, with the amount to be determined at a later date, saying two DBS entities were negligent in approving investment decisions by Zhang’s wife on behalf of the family trust.

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