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Company CitiGroup [Company Info]
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Date Issue Title
4th Oct 2004 Fraud Investigation South Korea to scrutinise Citigroup

South Korea's markets watchdog has said it is to inspect Citigroup's local operations, days after regulators censured the bank's Japanese business.

The Financial Supervisory Service (FSS) said the probe would focus mainly on Citigroup's private banking division. Last week, Japan's market regulators ordered Citigroup to close its private banking operations there. They said the unit had violated the country's banking laws.

South Korea's FSS said its probe was part of a regular schedule of inspections drawn up earlier this year, and was not directly linked to Citigroup's difficulties in Japan, news agencies reported.

Citigroup, which has had two run-ins with regulators in recent weeks, will be hoping the South Korean investigation does not uncover any irregularities.

Its clash with the Japanese regulator came barely a month after the UK's market watchdog launched an inquiry into a controversial bond trade carried out by Citigroup traders in August.

France and Germany's market watchdogs have also begun informal inquiries into the affair.

It centres on a large-scale sale of government bonds which, while not in breach of market rules, is alleged to have broken a 'gentleman's agreement' to keep markets stable.

Other Reports on CitiGroup
Date Issue Company Report
7th Aug 2008 Questionable Practice CitiGroup Citigroup reaches SEC settlement
10th May 2006 Other Issue CitiGroup Citibank overcharged customers in Japan
28th Jun 2005 Other Issue CitiGroup Citigroup fined 14m by UK watchdog
10th Jun 2005 Fraud Investigation CitiGroup Citigroup pays $2bn in Enron case
25th Jan 2005 Fraud Investigation CitiGroup Criminal probe on Citigroup deals
17th Sep 2004 Questionable Practice CitiGroup Japan closes Citigroup branches
11th May 2004 Fraud Investigation CitiGroup Citigroup settles Worldcom claims
19th Jun 2003 Other Issue CitiGroup Citicorp Brokerage Executive Fired

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