Friday, 24 March, 2023

Wipro employees played a part in Citibank's blunder that saw $900 mn gone

<p>Citibank, an administrative agent for a term loan taken by Revlon, ended up wiring $900 mn along with the principal amount instead of $7.8 mn in interest payments to the lenders. The approval procedure, where the transaction needs to be reviewed by three people, has been outsourced to Wipro. Therefore, the first two people to review payment were Wipro employees. The court has ruled that the lenders who received the money are entitled to keep it.</p> <p>&nbsp;</p>