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May 6, 2011

WSJ | Asia Alert: Indonesia Imposes More Sanctions on Ciri Group

Asia Alert
from The Wall Street Journal

Bank Indonesia on Friday announced a raft of additional sanctions against Citigroup. The central bank said it found the local unit of the U.S. bank violated local procedures that led to alleged embezzlement of millions of dollars from customers and the death of a debtor after being questioned by debt collectors outsourced by Citi.

The central bank banned Citi's local unit from accepting new clients for its Citigold wealth-management unit for one year, issuing new credit cards for two years, opening new branches in Indonesia for one year, and it also imposed an offshore travel ban on its executives.

Citigroup couldn't immediately be reached for comment.

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