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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (2953)	3/21/2004 11:50:49 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Companies sue People's Bank of China By Mure Dickie in Beijing Published: March 21 2004 22:00 \| Last Updated: March 21 2004 22:00 More than 40 Chinese companies are suing the People's Bank of China, the central bank, accusing it of administrative misconduct in handling the collapse of a high-profile venture capital company in the late 1990s. The lawsuit, filed to a Beijing court in January, is an unusual challenge to the regulator of China's vast financial system. It is also a test of the regulator's willingness to justify its conduct in court amid what appears to be judicial reluctance to deal with the suit. Managers of companies involved say the central bank wrongly excluded them from the process of winding up the affairs of China Venturetech Investment, which the bank closed in 1998 because of "serious business irregularities" and inability to pay its debts. Venturetech had senior executives with close family ties to Communist party and government leaders and was backed by the finance and technology ministries. It foundered after forays into real estate and stock market investment. news.ft.com