Close

Welcome back to Stockhouse
Member Sign In

Email or Username:
Password:
Close

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Enter your email address:
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

Citigroup (C) Mexican subsidiary turfs 11 employees in alleged $400 mil fraud

Canadian Press, The Canadian Press
0 Comments| May 14, 2014


MEXICO CITY _ Citigroup's (NYSE:C, Stock Forum) Mexican bank subsidiary says it has fired 11 employees for not following proper procedures in dealing with a Mexican oil services company that allegedly defrauded Citigroup of up to $400 million.

Grupo Financiero Banamex says in a Wednesday statement that the 11 employees of various ranks ``did not follow the supervisory standards expected as part of their responsibilities.'' It says more employees may face sanctions.

In February, Banamex announced that the oil services company Oceanografia had used falsified invoices as collateral to obtain $585 million in loans from Banamex.

Banamex General Director Javier Arrigunaga says the bank is reviewing its risk controls and procedures and, in his words, ``we continue to strengthen all those areas that did not comply with Citi's global standards and best practices.''



Rate this article
0 stars
v
Usefulness

Clarity

Credibility

Comments

No comments yet. Be first to comment!

Leave a Message

You must be logged in to access this feature.

Sponsored News Links