Bank Boots Out Its Vice Chairman |
http://www.sina.com.cn 2004/02/23 12:59 Shanghai Daily |
Bank of China said it sacked Vice Chairman Liu Jinbao, former chief executive of the lender's publicly traded Hong Kong unit, because he is suspected of economic crimes. Liu was transferred to Beijing last May amid an investigation into illegal loans made to Shanghai property tycoon Zhou Zhengyi, who is also in detention in China. Liu is being investigated by the government, the Bank of China's spokesman Wang Zhaowen said in a statement on the lender's Website. China is cracking down on economic crimes as it moves to enhance companies' profitability by improving corporate governance. There were 749 senior officials suspected of economic crimes handed over to the state prosecutor and punished last year, while 267 others were demoted or sacked. "The case damages investors' confidence in the bank and the lender would better let the negative impact go as early as possible," said Wei Yen, a senior credit officer at Moody's Asia Pacific Ltd in Hong Kong. "There is still some way to go for them to improve their transparency." Bank of China this week vows to improve its information disclosure amid its efforts preparing to sell shares for the first time to overseas investors in 2005. (Bloomberg News) |
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