Another ex-senior official is investigated for alleged role in misuse of 'millions'
Another former senior official of BOC Hong Kong (Holdings) is under investigation in connection with a scandal that has led to the suspension of two deputy chief executives for alleged misappropriation of funds.
Zhang Debao, former general manager of BOCHK's general office, is being investigated for his role in the alleged misuse of funds said to amount to millions of Hong Kong dollars, sources close to the bank said.
Mr Zhang, a top aide to former BOCHK chief executive Liu Jinbao, was transferred back to the Bank of China headquarters in April and has since been detained by mainland authorities.
Mr Zhang and Mr Liu were said to have played a part in the scandal which led to the suspension of Zhu Chi and Ding Yansheng - BOCHK's two deputy chief executives, sources said yesterday. They said Mr Zhu and Mr Ding were implicated after a central government investigation into Mr Liu's alleged economic irregularities.
On Tuesday, BOCHK said Mr Zhu and Mr Ding were being questioned in relation to the 'unauthorised distribution for personal purposes of certain funds belonging to the controlling shareholder of [BOCHK's] former constituent banks' before its July 2002 initial public offering in Hong Kong.
The scandal, the latest in a series to have hit BOC in the past two years, has threatened to damage the reputation of the mainland's largest foreign exchange lender and Hong Kong's image as an international financial centre.