Home>News Center>China
       
 

Bank officials flee after US$120m go missing
(China Daily/Agencies)
Updated: 2005-01-24 23:52

The Bank of China, the country's largest foreign exchange bank, confirmed yesterday that one of its sub-branches in Northeast China's Heilongjiang Province was involved in financial fraud.

The scandal emerged on January 15 when Northeast Expressway, a Shanghai-listed A share company, announced that 290 million yuan (US$34.9 million) of shareholders' funds deposited with the branch was missing.

Gao Shan, director of a division of the branch, reportedly vanished following the disappearance of the money.

Deposits by other companies, amounting to as much as 700 million yuan (US$84.3 million), also vanished.

Another official of the branch was also missing and the two are believed to have fled to the United States or Canada, according to the South China Morning Post.

Newspapers in Hunan and Shanxi reported that Northeast Expressway chairman Zhang Xiaoguang had been arrested for misappropriating funds, the Hong Kong-based paper said.

A Bank of China official said yesterday government departments are investigating the case.

"It involves financial fraud," the official said, without providing further information.

Economists said the scandal was bad news for Bank of China, which plans to go public this year, and would have a negative impact on the bank's reputation.

Bank of China was selected by the central government as a pilot project to become a joint stock bank.

After being recapitalized by a State injection of US$22.5 billion, the bank reorganized itself into a joint stock company called Bank of China Limited in August last year.

By the end of last October, the bank's bad assets ratio stood at 4.55 per cent, a drop of 11.73 percentage points from the beginning of the year.

The bank's capital adequacy ratio, a measure of how much capital it has relative to assets, stood at 8.56 per cent at the end of October.

The bank also has a plan to usher in foreign company investors as its equity owners, in an aim to increase its capital strength, optimize the capital structure and diversify the ownership.



 
  Today's Top News     Top China News
 

Revision of law to upgrade coal mines

 

   
 

FM says released men to fly back soon

 

   
 

Myanmar nabs drug lord, sends him back

 

   
 

China seeks to curb corruption in big SOEs

 

   
 

22 of 30 problem projects stop operating

 

   
 

Bank officials flee after US$120m go missing

 

   
  China's basic state research projects open to public bidding
   
  China seeks to curb corruption in big SOEs
   
  22 of 30 problem projects stop operating
   
  China to transport 1.97 b people in Spring Festival season
   
  Spring Festival not homecoming for all
   
  FM says released men to fly back soon
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Bank officials flee after US$120m go missing
   
Further bank reforms planned
   
Banks report balanced assets, debt growth
   
Bank of Communications' deposits hit US$120b
   
Beijing bank seeks investors
   
Development Bank donates $1.8 mln to tsunami victims
   
Bank risk management regulation released
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 穆天阳吃饭还在顶是哪一章节| 亚洲A∨无码一区二区三区| 视频免费在线观看| 婷婷激情综合网| 久久久久久久久亚洲| 波多野结衣被绝伦强在线观看| 四虎国产在线观看| 91在线精品亚洲一区二区| 日本中文字幕有码视频| 伊人久久久大香线蕉综合直播 | 人妻av无码一区二区三区| 精品无码成人久久久久久| 国产精品v欧美精品∨日韩| 三级午夜三级三点在看| 日本边添边摸边做边爱边| 亚洲精品国产电影| 色综合久久天天综合| 在线观看视频99| 一本色道久久88综合日韩精品| 最近免费中文字幕大全高清片| 免费人成在线观看网站视频| 57pao国产成视频免费播放| 新婚夜的娇吟声| 亚洲国产精品激情在线观看| 美团外卖猛男男同38分钟| 国产精品igao视频| 51视频精品全部免费最新| 在线A级毛片无码免费真人| 中文字幕第四页| 校园放荡三个女同学| 亚洲国产韩国一区二区| 欧美精品v国产精品v| 亚洲狠狠狠一区二区三区| 美女扒开大腿让男人桶| 国产探花在线观看| 99久久精品费精品国产| 成年女人毛片免费播放视频m| 久久久2019精品| 欧美一卡2卡3卡四卡海外精品| 亚洲国产综合人成综合网站00| 欧美精品一区二区三区免费观看|