Citigroup Discovers More Fraud
Citigroup disclosed Monday that it had found another case of fraud in its accounts-receivable program at Banamex, its Mexican unit, involving a supplier to Mexico’s state oil monopoly Pemex. In a teleconference, the bank’s chief financial officer, John C. Gerspach, did not reveal the identity of the supplier, but citing Pemex sources, the Mexican press identified it as Evya, a Mexican oil service company. Gerspach reported that the breach involved less than $30 million in costs to Citigroup.
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