UniCredit controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2020
UniCredit sues Hin Leong and Glencore over oil deal
Lawsuit filed
UniCredit sued Hin Leong over a letter of credit and also sued Glencore in connection with the matter. UniCredit alleged in court documents that same-day sale-and-buy-back transactions made the purchase a sham and deprived it of security over the financed goods.
Source excerpt
Italy’s UniCredit SpA has sued Hin Leong Trading Pte Ltd over a letter of credit, court documents show
It said the transactions rendered Hin Leong’s purchase “a sham” and “deprived UCB (UniCredit) of any security over the goods financed.”
The Singapore High Court documents seen by Reuters show the Italian bank has also sued commodity trading giant Glencore over the matter. A source familiar with the case confirmed the lawsuits had been filed.
2008
Bank Medici and Madoff exposure
Bank Medici, in which Bank Austria had been a major shareholder, was linked to funds that invested approximately US$2 billion with Bernard Madoff. Austrian authorities appointed a supervisor to the private bank, raising questions about oversight and control within the wider group relationship.