From the Financial Times:
The wave of scandals engulfing Chinese business is enough to make even Eliot Spitzer, New York’s crusading attorney-general, blanch. Almost every week brings fresh revelations of large-scale fraud, embezzlement and other misdeeds, from branch offices all the way up to the boardroom.
This month, the chairman of China Construction Bank (CCB), the country’s third largest lender, resigned after allegedly taking bribes – barely a year after its former president was jailed for corruption. At Bank of China, Rmb1bn (¬£64.6m) is reported to have gone missing. Meanwhile, eight brokerage houses are being investigated for the disappearance of Rmb6.4bn in clients’ funds. And these are only a handful of the most striking recent cases.
Thanks, Yong Liu!
