Guangdong bank official arrested

PUBLISHED : Thursday, 25 June, 2009, 12:00am
UPDATED : Thursday, 25 June, 2009, 12:00am

A senior official at Guangdong Development Bank, partly owned by Citigroup, has been arrested by the police, the China Business Journal reports. Several days before chairman Li Ruohong resigned on June 19, the bank's vice-president and executive director Wang Xin and a deputy manager at the asset management department had been taken by the Guangdong police. Wang's arrest is linked to his duties before the bank was restructured, a source says. Wang handled non-performing loans before the stake sale to the Citigroup-led consortium in 2006.