From Bloomberg:
Managers at Bank of China Ltd., the country’s second-largest lender, spent a decade pulling off the biggest bank heist in Chinese history. The men at a branch in southern China embezzled $485 million before using false identities to flee to the U.S., where they were arrested in 2004, U.S. prosecutors say.
The former bankers, Xu Chaofan and Xu Guojun, are coming to trial for fraud and racketeering in federal court in Las Vegas following the arrest of top executives in China last year. Zhang Enzhao, former chief executive officer of No. 4 lender China Construction Bank, was nabbed on suspicion of bribe taking. And Liu Jinbao, former CEO of a Bank of China subsidiary, was handed a suspended death sentence for embezzlement. [Full Text]
