Wang Feng et al: California Golf Tour Lands Chinese Banker in Bribery Allegation

From Caijing English Newsletter:

On December 16, 2004, Zhang Enzhao spoke solemnly on Chinese national television about devoting himself “whole-heartedly, taking one solid footstep at a time,” in fulfilling his duties. Even as the 58-year-old banker sought enthusiastically to convince the audience that he deserved the title of “Economic Person of the Year,” nobody would have known that his days were numbered as the top man at China ‘s third largest bank.

Three months later, Zhang resigned from his post as chairman of China Construction Bank. The bank made the announcement on March 16, citing only “personal reasons.” On the same day, Zhang also gave up his position as chairman of the China International Capital Corporation.

As rumors and speculations continue to fly in Beijing ‘s government and financial circles as to the real cause of Zhang’s departure, Caijing has learned that Zhang has been accused of accepting bribes in a civil law suit filed late last year in California , the United States .

Thanks to Wang Feng for providing this link.

March 18, 2005 9:08 PM
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Categories: CDT Highlights, Law