Three bank officials arrested in Suzhou over graft
By Ye Zhen |
July 19, 2013, Friday
|
Print Edition
Print Edition
THREE veteran bank officials in Suzhou, east China's Jiangsu Province, have reportedly been arrested over suspected corruption and for extending irregular loans.
The officials, including the president of a China Merchants Bank branch in Wujiang District of the city, were arrested in May in a corruption probe related to a local micro-credit firm, the financial news website 21cbh.com reported yesterday, citing sources.
The bankers are suspected of accepting bribes and raising funds by taking advantage of their positions for the petty-loan firm, which engaged in private lending to real-estate companies at exorbitant interest rates, according to the report.
The illegal fundraising was exposed after borrowers failed to repay the loans, the report said, citing a source from the local procuratorate.
The officials, including the president of a China Merchants Bank branch in Wujiang District of the city, were arrested in May in a corruption probe related to a local micro-credit firm, the financial news website 21cbh.com reported yesterday, citing sources.
The bankers are suspected of accepting bribes and raising funds by taking advantage of their positions for the petty-loan firm, which engaged in private lending to real-estate companies at exorbitant interest rates, according to the report.
The illegal fundraising was exposed after borrowers failed to repay the loans, the report said, citing a source from the local procuratorate.
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