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Monday April 04, 11:41
Bank of China stuck in new lending scandal
(by Roy Deng)

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Bank of China is stuck in the new costly lending scandal amounting to $78 million amid the overseas initial public offering plan that is to be realized as soon as this year.

Chinese news agency Xinhua reported that the bank accused a Beijing real estate developer of a mortgage fraud. The bank said the branch borrowed money using forged house-purchase contracts.

The chairman of China Construction Bank, which is also considering an option to go public this year, was also ousted during in a corruption probe. Wang Xuebing was fired for corruption in his previous work at Bank of China. “The Bank of China will carry out a thorough examination of the whole sector and all business offices to find out where the loopholes are," Mr. Wang was quoted as saying.
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