Citigroup reports fraud in Mexico unit, lowers Q4, 2013 results

viernes 28 de febrero de 2014 10:16 GYT

Feb 28 (Reuters) - Citigroup Inc said on Friday it has discovered fraud in its Mexico subsidiary and is reducing its previously reported 2013 net income by $235 million.

The company said in a statement the matter involved about $585 million in short-term credit extended by its Banamex unit to Oceanografia SA de CV, a Mexican oil services company that has been a supplier to the Mexican state-owned oil company, Pemex.