Riggs Bank has apologized to Banco de Chile SA for its handling of financial assets held by former Chilean dictator Augusto Pinochet.
In 2002, Riggs closed Pinochet accounts “due to regulatory concerns,” Riggs Chief Executive Drew Pfirrman wrote in a Sunday letter to Banco de Chile Chief Executive Pablo Granifo, reprinted in a newspaper.
As a result, Riggs made two wire transfers “totaling approximately $6 million to an account” at Banco de Chile’s New York branch, held by Pinochet and established by his agent, from whom Banco de Chile is seeking damages in the controversy.
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