Citigroup Denies Dishonesty In Carbon Credit Trade Dispute

Law360, London (September 11, 2019, 4:40 PM BST) -- A subsidiary of Citigroup has hit back at claims by several defunct companies that it enabled a massive tax fraud that left them saddled with tax bills of millions of pounds, arguing that it did not violate anti-money laundering rules.

Citigroup Global Markets Ltd. said in an amended defense filed with the High Court on Friday that the claim — brought by Bilta (UK) Ltd., one of the companies in liquidation — that the bank’s involvement in the deals helped the complex fraud was “inadequately pleaded” because of the “gravity of the allegations” involved.

Citi was "a remote party from the companies," the...

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