Op risk data: Sberbank suffers $108m supermarket clean-out
Also: Copper trader buys $36m of worthless bricks; big lenders hurt in $400m mortgage fraud. Data by ORX News
March’s largest operational risk loss was an 8 billion ruble ($108 million) commercial loan fraud at Russia’s Sberbank. The loans were made in January 2018, but the fraud only came to light last month after Russian authorities made three arrests.
The arrested individuals were former managers and employees of Russian supermarket owner InterTorg. The group reportedly gave the bank false information to obtain the loans, and then siphoned off the money for their own use.
InterTorg has since been
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