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Head of Riggs Bank Resigns

HeadlineMar 08, 2005

In business news, Robert Allbritton has resigned as chief executive and chairman of Riggs bank. Last week the bank announced it would set up an $8 million fund for the victims of former Chilean dictator Augusto Pinochet who used the bank to covertly transfer millions at a time when he was under investigation for war crimes. Last year the bank was forced to pay $25 million in penalties for violating money-laundering laws in dealing with the embassies of Saudi Arabia and Equatorial Guinea.

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