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 (4273)	1/27/2005 8:11:40 PM
From: RealMuLan	Read Replies (1) of 6370

$84 Million Goes Missing in Bank of China By Anadolu News Agency (aa) Published: Thursday 27, 2005 zaman.com China's biggest bank, the Bank of China has discovered an incident of corruption in one of its branches. According to the New Chinese News Agency website, $84.3 million was lost in accounts of different companies in the Heilongjiang province branch in northern China. The manager Gao Shan was fired when it was discovered that $34.9 million had gone missing from Northern Expressway Co. Ltd.'s account, which was registered on Shanghai Stock Exchange. A bank official who wanted to remain anonymous said only that an investigation was taking place and did not give any detailed information. Economists remarked that this scandal was "bad news" for the Chinese Bank, which plans to go public this year and that this will damage the image of the bank. The Chinese Bank was selected as a pilot project by the government privatization. Chinese Bank was floated last August at a price of $22.5 billion and reorganized with the name of Bank of China Limited. zaman.com

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