Agricultural Bank of China

Bank manager sought as 100m yuan goes missing

PUBLISHED : Monday, 26 March, 2012, 12:00am
UPDATED : Monday, 26 March, 2012, 12:00am


Police in Jiangsu province are hunting for a branch manager of state-owned Agricultural Bank of China who fled with more than 100 million yuan (HK$122 million) in funds he raised from others privately.

Sun Feng, head of the bank's Yaosai area branch in the city of Jiangyin , has been missing since leaving the country in late December with his wife, parents and two children for a 'sightseeing' trip to Thailand, Beijing-based newspaper the Economic Observer reported.

The report said Sun was at the centre of illegal fund-raising activity involving up to 200 million yuan.

Eden Wu Yidan, a 31-year-old private banker at Standard Chartered in Shanghai, has been in police custody since early this month for allegedly 'harbouring' Sun, a client of hers, the report said.

Earlier reports by Bloomberg said police were investigating one of Wu's clients who allegedly fled with as much as US$50 million embezzled from Agricultural Bank of China.

But a statement by a Wuxi city police spokesman, carried by Xinhua, alleged Sun had borrowed more than 100 million yuan from 'friends and relatives' before fleeing the country.

It added prosecutors had authorised an arrest warrant on Sun in January and that the Ministry of Public Security had also put him on its 'code red' wanted list. The Economic Observer report described Sun, in his 40s, as a competent and well-connected banker who had worked in the financial sector in Jiangyin for more than a decade.

The report quoted an unnamed source close to Jiangyin police as saying that a senior party official of well-off Longsha village in the city was suspected of lending Sun 98 million yuan, including 50 million yuan suspected to have been embezzled from the villagers' pension fund.