China Construction Bank Corporation (CCB) denied on Wednesday a New York
Times report on non-performing loans of the Chinese banks, saying it reserves
the right to take legal action.
In a statement, CCB said the report's allegation on CCB's intention to
withhold information about the bank's non-performing loans in 2004, which is
based on the information from a source, is "absolutely untrue and ungrounded."
CCB has strictly complied with the laws and regulations of China, as well as
the regulatory requirements of the judiciary district in which the bank's shares
are listed, it states.
As a listed public company, it said, it has made
all necessary information disclosure required by the laws and regulations, and
has developed stringent loan classification standards in accordance with the
requirements of the regulatory authorities of China with reference to the
A set of loan classification procedures are
also developed based on the standards. All financial statements disclosed in its
IPO prospectus, including the information on its asset quality, have been
audited by an independent accounting firm -- KPMG, which has also provided its
unreserved audit opinion, the statement said.
The statement said that media and public supervision is an integral part
of the corporate governance system of modern banks. As a listed company, CCB
will continue to provide accurate information for shareholders and the public in
accordance with the laws, market rules and Articles of Association.
bank also hoped that the concerned media can adhere to the principle of
objective and neutral reporting, and reveal truly the facts of the bank's
"We reserve the right to take legal actions against any damage on our
reputation and infringement of our shareholder interests," the statement