The American Citigroup Group is striving to recover about $ 900 million that was mistakenly transferred to the lenders of Revlon Cosmetics, for which Citigroup acts as its managing agent And an intermediary with creditors.
According to Arabiya Net, the bank said that what happened was an operational error and that it had taken actual steps to recover the excess amounts by communicating with lenders whose funds were transferred to their accounts, but it failed. In getting the full amount back, according to what was reported by US Bloomberg Network, which added that some lenders have already refunded the excess money.
The American banking group was supposed to transfer only interest payments to lenders on behalf of Revlon, but it transferred an amount more than 100 times the amount supposed to be transferred, as the bank transferred About 900 million dollars.
In the latest development, earlier this week the bank filed a request to a US federal court to compel one of the major hedge funds, Brigade Capital, to refund the $ 176 million transferred. By mistake at the time when the fund refused to return the money to the fund in an amicable manner.
and the hedge fund is not the only party that has refused to return funds to the banking group, as other creditors such as Symphony Asset and HPS Investment Partners have refused to return the money to the bank while the bank is operating In it to solve the matter away from the court yards.
The Revlon American beauty group is suffering from a mountain of debt of about 3 billion dollars at a time when the company's business has been severely damaged in the midst of the Corona pandemic that is hitting the global economy and casting a shadow over Corporate performance around the world with expectations of steady rise in default rates.
(Amazon fun knowledge)
