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Citigroup Collides With Death in Indonesia Emerging Market Debt

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In life, Irzen Octa ranked among the least significant of Citigroup Inc.’s 200 million customers. In death, the cash-strapped small-businessman from Jakarta has come to haunt the reputation of the world’s 8th-biggest bank.

At dawn on an overcast March morning, Octa, 49, left his modest $60,000 row house on the western outskirts of the Indonesian capital and rode off on his Yamaha motor scooter into the frenetic traffic and equatorial heat. His destination: a Citibank office in a smart downtown neighborhood known as the Golden Triangle, where he was to discuss a 48 million rupiah ($5,500) principal debt on his Citibank platinum credit card, Bloomberg Markets magazine reports in its August issue.