Russian bank client sue BoNY

Article Abstract:

Depositors of Inkombank, a Russian bank closed by Russian officials a year ago, have sued the Bank of New York (BoNY), alleging that BoNY participated in defrauding them of $500 million. Inkombank was a major client of BoNY before its closure. BoNY is itself currently involved in an international investigation concerning money laundering. The lawsuit claims that BoNY officials helped Inkombank in developing stock transactions which used shell companies that allowed Inkombank officials to steal funds.

Commercial Banking, Legal issues & crime, Commercial Banks, Inkombank

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Alcoa offers $5.6B for aluminum rival

Article Abstract:

Alcoa announced a $5.6-billion cash-and-stock offer for rival Reynolds Metals of Richmond, VA. An acquisition would ensure Alcoa remains the world's leading aluminum company following a previous announcement by three Alcoa competitors - Canada's Alcan, Switzerland's Algroup and France's Pechiney - that they would merge. An Alcoa-Reynolds combination would have generated revenue of $21.2 billion in 1998. By comparison, the other merging group would have generated $17.4 billion in 1998 revenue.

Asset sales & divestitures, Acquisitions & mergers, Primary Aluminum Production, Aluminum, Reynolds Metals Co., Alcoa Inc.

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