Bilta Targets Citigroup In Latest Wave Of VAT Fraud Suits
Law360, London (April 17, 2019, 8:27 PM BST) -- A Citigroup unit and another broker-dealer are the latest targets in two lawsuits in the U.K. High Court brought by the liquidators at Bilta accusing the traders of enabling a massive tax fraud that resulted in tens of millions of pounds in losses.
The litigation brought by Bilta (UK) Ltd. and several other companies also in liquidation accuses Citigroup Global Markets Ltd. and Tradition Financial Services of below-board dealings because the traders assisted the companies involved in the complex tax fraud, according to recently released court filings.
"Citi's willingness to participate in trades which Citi recognized were probably linked to [value-added...
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