‘Lehman’ bank screws up, again

FRANKFURT: Germany’s state-owned development bank KfW, which gained publicity for erroneously transferring hundreds of millions of euros to American firm Lehman Brothers Holdings the day the firm filed for bankruptcy, has done it again. KfW last month mistakenly transferred more than €5 billion (RM23.9 billion) to four banks because of a technical glitch that repeated single payments multiple times.

KfW said it discovered the glitch and received the money back without suffering a loss.