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20/02/2002
Alleged AIB fraud started as far back as 1997
Allied Irish Banks (AIB) has revealed that the alleged fraud discovered earlier this month at its US subsidiary had been going on as far back as 1997.
The news came as the bank reported its results for 2001 and finalised the losses it incurred as a result of the fraud at $691m. However, this is less than the initial estimate of the losses, which amounted to $750m. The company also revealed losses of £7m, but this was the result of poor trading.
The bank's management, meanwhile, is still coming to terms with the huge losses at its Allfirst subsidiary in the US. It has blamed the alleged fraud on the actions of currency trader John Rusnak. However, Mr Rusnak's lawyers have insisted that he did not steal money from the bank.
Following the revelations of the loss, questions were asked about AIB's internal controls and risk management processes.
The FBI and AIB are both currently investigating the circumstances behind the case. (MB)
The news came as the bank reported its results for 2001 and finalised the losses it incurred as a result of the fraud at $691m. However, this is less than the initial estimate of the losses, which amounted to $750m. The company also revealed losses of £7m, but this was the result of poor trading.
The bank's management, meanwhile, is still coming to terms with the huge losses at its Allfirst subsidiary in the US. It has blamed the alleged fraud on the actions of currency trader John Rusnak. However, Mr Rusnak's lawyers have insisted that he did not steal money from the bank.
Following the revelations of the loss, questions were asked about AIB's internal controls and risk management processes.
The FBI and AIB are both currently investigating the circumstances behind the case. (MB)
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LOCAL BUSINESSES FALL PREY TO FRAUD
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