March 22, 2025
    Advanced Search 
  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  
 
Font Large Medium Small
E-Mail This Story
Print Friendly Format
Comment On This Story
Save This Story
 
  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
         

| Home | News | Business | Living in China | Forum | E-Papers | Weather |

| About China Daily | About China Daily.com.cn | Contact Us | Site Map | Jobs |
 Copyright 2005 Chinadaily.com.cn All rights reserved. Registered Number: 20100000002731
主站蜘蛛池模板: 三级中文字幕永久在线视频| 国产一区二区三区不卡在线观看| aⅴ免费在线观看| 把腿扒开做爽爽视频在线看| 久久精品视频91| 欧美性猛交xxxx| 人妻丰满熟妇av无码区| 美女大量吞精在线观看456| 国产做国产爱免费视频| 好吊色青青青国产在线观看| 国产精品无码专区在线播放| 99久久精品这里只有精品| 妇女被猛烈进入在线播放| 中文字幕在线视频免费| 日本牲交大片免费观看| 久久青青草原精品影院| 欧美a级毛欧美1级a大片免费播放| 最新jizz欧美| 精品国产专区91在线app| 国产在线拍偷自揄拍无码| 亚洲情综合五月天| 国产精品美女久久久久av超清 | 99re热这里只有精品18| 女人张开腿让男人做爽爽| 一级白嫩美女毛片免费| 成人羞羞视频网站| 中文字幕在线观看亚洲| 无限资源日本免费2018| 久久久久亚洲av成人网| 日韩a在线播放| 久别的草原电视剧免费观看| 最近中文字幕mv在线视频www| 亚洲av日韩综合一区二区三区 | mm1313亚洲国产精品美女| 性欧美videos高清喷水| 中文字幕在线观看第一页| 无码午夜人妻一区二区三区不卡视频 | 国产欧美日韩综合| 亚洲香蕉久久一区二区三区四区| 国产精品亚洲一区在线播放| avtt天堂网手机资源|