FT: Chinese bank hit by $4.9bn loan fraud
The latest victim to emerge is Bank of Liuzhou where $4.9bn (Rmb32.8bn) in fraudulent loans were discovered by the bank late last year, according to the state-backed China Business Journal. That represents more than 40 per cent of the bank’s total assets of Rmb80bn at the end of 2014 — a dent so large on the bank’s balance sheet that it is likely to require government intervention.When a new bank chairman noticed the big loan, the borrow tried to have him murdered.
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