The market had just opened in New York when Arokia Raj knew he had a problem. A contractor in India for Citigroup Inc’s Citibank retail business, Raj had been the “checker” on a periodic interest payment to a group of Revlon Inc creditors, with the bank acting as administrative agent on the loan. Suddenly he realised that Citi had instead sent some of those creditors the full remaining principal. “Bad news,” his supervisor told the head of North American loan operations by chat on August 12. It was, in fact, $900mn of bad news. Raj will testify this week by video conference in federal court in Manhattan as Citibank goes to trial to recover the more than $500mn it still hasn’t gotten back fr
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