China's bank frauds - The Regulator Speaks
Official statistics from the China Banking Regulatory Commission published on 10 September 2005 create a worrying or encouraging picture depending on one's point of view.
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Punished: 1,697 employees at financial institutions for bank frauds and other crimes in Q1/Q2 2005 including
Fired or jailed: 570 managers and heads of branches
Crime at four biggest state banks reduced in July as against June
"Credit risk is still the biggest risk with financial institutions, and most of such cases involve a large number of people and a huge value, causing very bad social influences," Liu Man King, Chairman of the Commission said, according to the Commission's Web site.
On March 28 the Commission told banks to identify the managers responsible for each department and to more quickly report financial irregularities so as to improve supervision.
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