Citibank faces pressure to explain its role in freezing funds for Climate United, part of a court case arising from federal allegations of financial misconduct. The bank asserts its administrative position, stating it was compelled to freeze disbursements under instructions from the EPA and Department of Treasury, which linked the funding to an ongoing criminal investigation. Concerns reported include possible conspiracy and fraud linked to Climate United, emphasizing the need for fund management oversight and legal compliance in sensitive financial matters.
Citibank states that it is legally required to obey instructions from the EPA and Department of Treasury, which mandated the freezing of certain funds.
According to Citibank, the freeze on funding was initiated due to credible allegations of involvement in criminal activities linked to Climate United.
The FBI's concerns about Climate United include serious issues of possible fraud and conflicts of interest, leading to the fund freeze.
Citibank emphasized its lack of discretion to contest government actions that arose from allegations of misconduct and financial mismanagement.
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