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Citi names new Indonesia country head after fraud

Citi names new Indonesia country head after fraud
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First Published: Thu, Jun 09 2011. 11 12 AM IST
Updated: Thu, Jun 09 2011. 11 12 AM IST
Singapore: Citigroup has appointed a new country head for Indonesia following a torrid three months when a relationship manager was arrested for allegedly embezzling clients’ money and a card client died after he was questioned by debt collectors.
Tigor M. Siahaan will become Citi’s new chief country officer for Indonesia effective 30 June, replacing Shariq Mukhtar who will take on a new regional role in based in Singapore, according to a memo seen by Reuters on Thursday.
A Citi spokesman confirmed the contents of the memo.
Indonesia last month slapped lengthy bans on Citi’s credit card and wealth management businesses over the alleged embezzlement and the death of its client following questioning by debt collectors acting for the American lender.
Indonesian police have taken into custody Melinda Dee, a 47-year-old former wealth manager at Citi, for allegedly embezzling about $2 million of client money. Citi has said a former employee committed fraud and pledged to cooperate with authorities.
Mukhtar, who has served as Citi’s chief country officer for Indonesia since 2008, has been credited with doubling the bank’s revenue and profit over the past six years.
He has worked for Citi for over 25 years and his previous appointments include CFO at Citi Taiwan and country business manager for the American bank in Thailand.
Siahaan, whose appointment is subject to regulatory approval, is an investment banker who played a leading role in Indonesian state carrier Garuda’s initial public offering and state oil company’s Pertamina recent bond issues.
The harsh penalties Indonesia slapped on Citibank signal the authorities are keen to get tough on fraud in the banking system in Southeast Asia’s biggest economy.
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First Published: Thu, Jun 09 2011. 11 12 AM IST
More Topics: Citigroup | Indonesia | Bank | Debt | Money |