Ex-bank executive under investigation
By Louise Ho |
January 11, 2012, Wednesday
|
Print Edition
Print Edition
CHINA Construction Bank has confirmed that Zhang Chuanbin, chief of the bank's investment banking department, was arrested and under investigation for rat trading.
Media reported that Zhang, who was also a senior manager of the bank's Hong Kong subsidiary CCB International, gained 20 million yuan from rat trading when he helped Xiamen-based Xianglu Petrochemicals with its back-door listing through ST Heihua.
Before the back-door listing was completed, CCB International bought 12 percent of Xianglu Petrochemicals.
Zhang's illegal gains were discovered during an audit process and government authorities started a probe.
Zhang helped develop the investment banking business of the bank during his tenure.
A bank spokesman confirmed that Zhang was suspected of breach of regulations for "personal reasons," and the police were looking into it.
A company insider said Zhang was fired by the bank but did not disclose details.
CCB International offers financial services such as mergers & acquisitions and bond financing.
Media reported that Zhang, who was also a senior manager of the bank's Hong Kong subsidiary CCB International, gained 20 million yuan from rat trading when he helped Xiamen-based Xianglu Petrochemicals with its back-door listing through ST Heihua.
Before the back-door listing was completed, CCB International bought 12 percent of Xianglu Petrochemicals.
Zhang's illegal gains were discovered during an audit process and government authorities started a probe.
Zhang helped develop the investment banking business of the bank during his tenure.
A bank spokesman confirmed that Zhang was suspected of breach of regulations for "personal reasons," and the police were looking into it.
A company insider said Zhang was fired by the bank but did not disclose details.
CCB International offers financial services such as mergers & acquisitions and bond financing.
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