Citigroup names new country head after scandal

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Asean Affairs 9 June 2011

June 4, 2011
Indonesian banks need to step it up

May 27, 2011
Indonesia eyes new rules for overseas banks

Citigroup has appointed a new country head for Indonesia following scandal involving a relationship manager, who 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 June 30, replacing Shariq Mukhtar who will take on a new regional role in based in Singapore, according to a memo.

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.

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ASEAN ANALYSIS

This year in Thailand-what next?

AseanAffairs 04 January 2011
By David Swartzentruber

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

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