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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (4305)2/2/2005 12:32:20 AM
From: RealMuLan  Read Replies (1) of 6370
 
Report: China Charges 46 at State Bank
02.01.2005, 10:41 PM

Authorities have charged 46 employees of a Chinese state bank with embezzling 540 million yuan (US$65 million; euro54 million) and gambling much of it away, a newspaper said Wednesday.

The report came amid a string of embezzlement scandals plaguing China's banking industry, which is under intense scrutiny as state banks prepare to sell their first shares to private investors.

Thefts from accounts at the Jilin Construction Bank began in 1999 and came to light in 2001, the South China Morning Post newspaper of Hong Kong reported. It said suspects were detained last July.

Employees who answered the phone Wednesday at the administrative and press offices of the Jilin bank said they didn't know about the case.

In a separate case, one of the biggest state banks, Bank of China, acknowledged this month that the government is investigating the theft of as much as 1 billion yuan (US$120 million; euro100 million) from its accounts.

Of the money embezzled from the Jilin bank, 334 million yuan (US$40 million; euro33 million) was gambled away in casinos in Macau or betting with illegal bookmakers, the Post said.

The money was stolen from accounts belonging to two electric utilities, a city agency in the Jilin provincial capital of Changchun and a housing fund for the city railway agency, the Post said.

It identified three of the suspects as Zhang Yujie , Liu Kening and Li Jianping but said their positions at the bank weren't known.

forbes.com
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