ASEAN KEY DESTINATIONS
Citigroup names new country head after scandal
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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