Citibank receives massive sanctions for conduct

Citibank receives massive sanctions for conductAfter 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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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...

Citibank receives massive sanctions for conductAfter 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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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