Bank of China irregularities revealed
By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-06-25 14:31
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A man walks out from a
Bank of China branch in Haikou, Hainan Province. The National Audit Office
had revealed the bank's irregularities.
[Reuters] | Bank of China, one of China's
biggest lenders, announced yesterday that the National Audit Office had revealed
its irregularities, most of which the lender said have been straightened up, the
Oriental Morning Post reported today.
These
irregularities include that some branches and sub-branches issued credit without
fully being in accordance with China's macro-control policies and loan approval
procedures; some note businesses were approved without strictly checking the
background and some have not yet been carried out.
Other irregularities are that some branches' financial accounting is not
standardized enough; some branches are involved in economic crime cases.
The lender said that most of these irregularities happened before 2004, when
the bank launched its shareholding reform.
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