The Telegraph reports that the bank has lost up to $200m as it provided trade-finance facilities to the corporate in two transactions dating back to 1999. One was believed to have been organised by the asset securitisation team, which has now been moved to report into the bank's global financial markets division.
Although WestLB denied that there was a link between the restructure and RBG, The Telegraph quoted an 'insider' who said that 'this is a huge loss, and somebody somewhere had to take responsibilty.'
The Serious Fraud Squad is currently investigating allegations of false accounting at RBG.
WestLB Believed To Have Lost $200m
The Telegraph reports that German investment bank WestLB has reshuffled its management and restructured some of its businesses as a result of the bank's involvement with RBG Resources, a metals company placed in administration earlier this month.
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