China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (161)	8/6/2003 12:46:54 PM
From: RealMuLan	Read Replies (1) of 6370

China's cure for fraud lasts a lifetime August 6, 2003 China has perhaps the sharpest teeth of all the Asian Tiger economies, considering the life sentence it handed down recently against a former senior official at a Beijing bank for misusing 25 million yuan (R22.65 million). Reuters reports that a Beijing court found Zeng Yujing, a deputy branch head at Beijing City Commercial Bank, guilty of misappropriating money in 1996 to try to paper over some bad loans. Beijing City Commercial is among several small Chinese banks seeking foreign partners since China's entry into the World Trade Organisation . In 1997, Zeng also misused 15 million yuan in collaboration with officials at Industrial and Commercial Bank of China (ICBC) and another state firm. The ICBC banker got six years in prison, the state official 10 years. But China also knows when to show its warm, fuzzy side. Reuters reports that Beijing announced this week it would allow Japanese citizens to visit without visas, in an effort to revive the tourism industry after the damage caused by the severe acute respiratory syndrome virus. busrep.co.za

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