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 (4248)	1/24/2005 12:46:09 AM
From: RealMuLan	Read Replies (1) of 6370

China bank boss jailed for fraud China is trying to spruce up the image of its banking sector A former branch head with a top Chinese state-owned bank has been jailed for embezzling 111m yuan ($13.4m; £7m). Liu Guangyi got a life sentence for taking the funds while he worked at two branches of the China Construction Bank in the southern province of Guangdong. China is ordering audits to clean up the image of its state-owned banks before it tries to sell shares in them on foreign stock exchanges. China Construction Bank is planning a public listing later this year. It is one of four major state-owned banks. The official Chinese news agency said Liu's criminal career began when, as a clerk at a sub-office of the bank in Zhuhai, he embezzled some 826,000 yuan. After being appointed president of the bank's Jiuzhou branch in 2003, he embezzled 110m yuan. news.bbc.co.uk

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