Anti-corruption campaign targets SOE executives
(crienglish.com)
Updated: 2005-03-23 17:00

China's banking regulator has announced a new crackdown against official corruption following a string of massive graft allegations involving senior executives at major state banks.

The China Banking Regulatory Commission says it will enact a range of investigative checks including the monitoring of mortgage, consumer and infrastructure project loans to help address the problem.

Meanwhile, it indicates banks should also tighten their own checks in order to prevent any new cases of corruption, like those recently exposed at the Bank of China and China Construction Bank.

Last week the chairman of China Construction Bank, Zhang Enzhao, resigned amid reports that he had taken bribes and kickbacks in return for granting favourable loan terms to large clients.

At the Bank of China, investigators have found one billion yuan, or 120 million dollars, in deposits missing at a local branch after bank officials fled.