Bank of China

BOC behind times in fraud report

PUBLISHED : Thursday, 27 January, 2005, 12:00am
UPDATED : Thursday, 27 January, 2005, 12:00am

Bank of China yesterday said suspected fraud had been discovered at a sub-branch in the northeastern province of Heilongjiang. It was a belated official confirmation of press reports about an 800 million yuan embezzlement at the sub-branch.

'The Heilongjiang branch uncovered abnormal movements of deposits at the Hesong Street sub-branch,' said Wang Zhaowen, a spokesman at the BOC headquarters, in a statement.

He was referring to the reported embezzlement of about 800 million yuan of corporate deposits by the sub-branch's chief, Gao Shan, who has since fled to Canada.