CHINA / National

BoCom unveils financial fraud of 200m yuan
Updated: 2006-06-11 09:02

Bank of Communications (BoCOM), one of China's major commercial banks, said on Saturday that it has found out a financial fraud case involving about 200 million yuan (25 million U.S. dollars) in one of its branches in a recent self-examination.

"We have found out a case in which customers was defrauded of their money in our branch in Shenyang, capital of Northeast China's Liaoning Province," said a BoCOM spokesperson in Shanghai.

The case was exposed when the BoCOM was carrying out a new round of self examination and having its customer information management system upgraded, said the spokesperson.

Initial investigation shows the case involved about 200 million yuan,said the spokesperson, who gave no further details. However, the bank claimed that it had immediately reported the case to the police and had taken all necessary measures to reduce losses.

China's fifth largest lender, the BoCOM was listed in Hong Kong in June 2005 and became the first major commercial bank from the Chinese mainland to be listed overseas.


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