TV News LIES

Sunday, Jul 13th

Last update07:26:19 AM GMT

You are here News Economy Citigroup reports nearly $400m fraud in Mexico unit

Citigroup reports nearly $400m fraud in Mexico unit

E-mail Print PDF

Citigroup reports fraudCitigroup Inc (C.N) said on Friday that it has discovered at least $400 million in fraudulent loans in its Mexico subsidiary and said employees may have been in on the crime.

The bank wrote down bogus loans to a company whose assets Mexican law enforcement officials have now seized. Citigroup's 2013 profit fell by $235 million to $13.67 billion after the write-down. Citigroup Chief Executive Officer Michael Corbat called the incident a "despicable crime" and said the bank believes it was an isolated episode.

The bad loans were made to Mexican oil services company Oceanografia OCNGR.UL, a contractor for Mexican state-owned oil company Pemex PEMX.UL.

Oceanografia borrowed from Citigroup's Mexican unit, Banco Nacional de Mexico, known as Banamex, using expected payments from Pemex as collateral.

In recent weeks, Banamex learned that Oceanografia appeared to have falsified invoices to Pemex that were collateral for loans, Corbat said in a separate memo to employees. The bank wrote down about $400 million of loans backed by the bogus invoices.

More...


Most Recent Related Stories...


Trump announces 30% tariffs on Mexico, European Union

Pres. of MexicoPresident Donald Trump will slap a 30% tariff on all imports from Mexico and the European...

US dollar has worst first half in more than 50 years amid Trump tariffs

Dollar fallsThe US dollar has had its worst first half-year in more than 50 years, as the...

Trump hits Canada with 35 percent tariff

Canada hit with 35% teriffTrump posted a letter sent to Canadian Prime Minister Mark Carney in which he outlined the...

Fed would have cut US interest rates by now if it weren’t for Trump’s tariffs, says Jerome Powell

Jerome Powell Federal Reserve chair Jerome Powell said earlier this morning that the central bank would likely have...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!