Bank of China dismisses 75 officials for irregularities (AFP) Updated: 2006-04-12 14:38
The Bank of China has fired or dismissed 75 bank officials for corrupt
practices in a bid to clean up its operations ahead of a planned Hong Kong
listing.
A Shanghai Bank of China branch.
The Bank of China has fired or dismissed 75 bank officials for corrupt
practices in a bid to clean up its operations ahead of a planned Hong Kong
listing. [AFP] | Among those dismissed from the
nation's second biggest commercial lender were 11 provincial-level branch
managers or deputy managers, the 21st Century Business Herald reported.
The report also said 41 branch managers at other levels had also been fired
or resigned due to bank irregularities.
The action was taken after investigations last year uncovered 52 cases of
corruption, the paper said, without giving details of the total amount of money
involved or what criminal charges may be laid.
However the report said the investigations and action included some
previously announced high profile cases of corruption.
One involved the former head and deputy head of a bank sub-branch in the
northeast province of Heilongjiang who embezzled 914.6 million yuan (113 million
dollars) worth of bank bills over the past three years.
The Bank of China has been embroiled in huge banking scandals in recent
years, tarnishing its reputation as it has worked to list on overseas stock
exchanges.
The Bank of China filed preliminary documents this year with the Hong Kong
stock exchange for an initial public offering, with state press reports saying
it could list as early as May.
Among those snared in the bank's history of corruption were the former head
of its Hong Kong branch, Liu Jinbao, who was handed a suspended death sentence
in August last year for embezzlement and bribery.
Zhao Ange, a former bank vice chairman, was jailed for life in July 2004 for
accepting 5.79 million yuan in bribes and former president Wang Xuebing was
sentenced to 12 years in December 2003 for taking 1.15 million yuan in bribes.
China's "big four" state-owned commercial banks punished 799 employees last
year for irregularities, which cost the state up to 588.5 billion yuan,
according to previous state press reports.
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