Citibank receives massive sanctions for conduct

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After a bizarre series of events, Indonesian regulators have imposed serious sanctions on Citibank Indonesia.  They will be prevented from opening new branches for a year, may not issue new credit cards for two, and cannot accept new wealth-management clients to their Citigold division for a year.  These restrictions come after numerous complaints of mismanagement and embezzlement, and after the mysterious death of a client in a Citibank office.  The client, a politician, was discussing his credit card balance with debt collectors, and four people have been charged with maltreatment.

Elsewhere, an employee was charged with embezzling from his premium clients’ accounts.  The alleged theft involves over 17 billion rupiah ($2 million) and caused the sanctions against new accounts with wealth clients.  All these allegations of gross misconduct are being investigated by Bank Indonesia.

 

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Reading Time: 1 minute

After a bizarre series of events, Indonesian regulators have imposed serious sanctions on Citibank Indonesia.  They will be prevented from opening new branches for a year, may not issue new credit cards for two, and cannot accept new wealth-management clients to their Citigold division for a year.  These restrictions come after numerous complaints of mismanagement and embezzlement, and after the mysterious death of a client in a Citibank office.  The client, a politician, was discussing his credit card balance with debt collectors, and four people have been charged with maltreatment.

Reading Time: 1 minute

After a bizarre series of events, Indonesian regulators have imposed serious sanctions on Citibank Indonesia.  They will be prevented from opening new branches for a year, may not issue new credit cards for two, and cannot accept new wealth-management clients to their Citigold division for a year.  These restrictions come after numerous complaints of mismanagement and embezzlement, and after the mysterious death of a client in a Citibank office.  The client, a politician, was discussing his credit card balance with debt collectors, and four people have been charged with maltreatment.

Elsewhere, an employee was charged with embezzling from his premium clients’ accounts.  The alleged theft involves over 17 billion rupiah ($2 million) and caused the sanctions against new accounts with wealth clients.  All these allegations of gross misconduct are being investigated by Bank Indonesia.

 

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