GIO Optoelectronics Corp (啟耀), a Taiwanese maker of LED lights and fluorescent tubes, said it has sued DBS Group Holdings Ltd over losses in foreign exchange trading last year.
GIO filed a civil lawsuit to the Taipei District Court seeking an initial NT$50 million (US$1.7 million) in damages, and reserves the right to seek a further NT$830 million in US dollars from the transactions which took place from May to August last year, the company said in a statement to the Taiwan Stock Exchange on Wednesday.
The statement did not say whether DBS is the only bank involved in the trading case or outline any wrongdoing allegedly undertaken by the Singapore-based company.
“DBS Bank [Taiwan] Ltd regrets that GIO has raised a civil claim against DBS Bank Ltd as the FX transactions were done in compliance with applicable laws and regulations,” Karen Ngui, a Singapore-based spokeswoman at DBS Group, said in an e-mailed statement.
“As the case is now undergoing civil proceedings, it is not appropriate to make any further comments,” she added.
Controlled by Chimei Innolux Corp (奇美), Taiwan’s largest maker of liquid-crystal displays, GIO last year posted foreign exchange losses of NT$1.83 billion on revenue of NT$5 billion, according to data compiled by Bloomberg.