Auditors find billions in fraud at Agricultural Bank – Leo Zhang

From Shanghai Daily:

Auditors say they’ve uncovered 60.3 billion yuan (US$7.5 billion) worth of financial crimes and bookkeeping irregularities at the Agricultural Bank of China, underscoring the challenges regulators face as they attempt to reform the weakest of the nation’s state-owned banks.

The probe discovered 51 cases of fraud worth 8.7 billion yuan and involving 157 employees, the China National Audit Office said in a Website statement yesterday. The investigation, which focused on 2004, covered the Beijing-based bank’s headquarters and 21 branches.

“The cases included not only loan fraud involving persons outside the bank but also the embezzlement of funds by bank employees who conspired with outside parties,” the statement said. [Full Text]

Open popup

Welcome back!

CDT is a non-profit media site, and we need your support. Your contribution will help us provide more translations, breaking news, and other content you love.