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SCMP Reporter

Accused banker's son missing

The son of former China Construction Bank (CCB) chairman Zhang Enzhao may have fled Hong Kong in the wake of a mainland corruption investigation into his father.

Zhang Jigang, who goes by his Cantonese alias Cheung Kei-kong, has been 'absent without  leave' from his investment banking job at HSBC since March 14, the day after the resignation of his father amid corruption allegations, sources who know the young banker said.

A California lawsuit filed in December last year claims Mr Cheung's education in Britain was financed by bribes accepted by  his father.

In the United States lawsuit, mainland  consultancy and services firm Grace & Digital Information Technology accused Mr Zhang of having accepted US$1 million in bribes from American supplier Alltel Information Services.

Mr Cheung joined HSBC's investment banking division in Hong Kong more than two years ago.

At the time of his disappearance he was an associate specialising in the car  sector, sources said.

They said HSBC's attempts to contact him had failed.

Alltel originally hired Grace to handle several large software contracts with CCB.

The suit alleges that in return for bribes, Mr Zhang conspired with Alltel to drop Grace from the role and  replace it with Growth Enterprise Market-listed Prosten Technology Holdings.

Prosten is allegedly controlled by  a friend of Mr Zhang.

Grace sued Alltel's successor company, Fidelity Information Services, Prosten,  Mr Zhang and other parties  for US$58.66 million in commissions it claims were owed to it for helping Alltel obtain contracts worth US$176  million to supply software to CCB, the third-largest commercial bank on the mainland.

Fidelity and Prosten have denied the allegations.

Sources suggest the mainland probe into Mr Zhang is not restricted to the lawsuit.

Hong Kong media reports have suggested that mainland authorities stumbled on Mr Zhang's alleged involvement in corruption through a monitored telephone call.

Mr Zhang's wife has also been detained by the authorities investigating the case, Beijing's influential Caijing magazine reported at the weekend. Mr Zhang was appointed as the replacement for  Wang Xuebing as CCB president three years ago after Wang's abrupt sacking.

Wang  was eventually imprisoned for corruption at the Bank of China.

The investigation of Mr Zhang  threatens to delay the introduction of foreign investors at CCB and its international stock-market listing planned for the third quarter of this year.

Foreign investment banks  are said to recruit so-called 'princelings' - children of senior mainland officials -  in hopes of  clinching lucrative privatisation deals.

An HSBC spokesman yesterday confirmed Mr Cheung's employment with the bank but declined further comment.



Ex-CCB chief's son  disappears  in HK