Op risk data: Citi fined $18m for failing to buy flood insurance
Also: VTB takes $535m hit from Mozambique loan fraud; Citadel Securities fined in China. Data by ORX News
Jump to In focus: top op risks | Spotlight: Citi fine
In January’s largest operational risk loss, Russia’s VTB Bank lost $535 million in a fraud involving loans to state-owned companies in Mozambique. Between 2013 and 2016, three Mozambique companies borrowed over $2 billion to finance maritime projects, comprising $535 million from VTB, $622 million from Credit Suisse, and an $850 million Eurobond arranged by VTB and Credit Suisse. The loans were guaranteed by Mozambique’s government.
In May 2016
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