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Bank chief arrested over alleged embezzlement
By Chen Xingjie |
June 27, 2009, Saturday
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Print Edition
Print Edition
A TOP official with the Guangdong Development Bank has been arrested for alleged embezzlement.
Wang Xin, 58, a vice governor of the bank, was arrested on June 19, Caijing.com reported. Prosecutors searched Wang's home and office on June 5.
Also arrested were Lei Da, vice general manager of the bank's assets management department, and another man surnamed Hou who reportedly had close contacts with the bank, the report said.
Li Shujin, manager of the bank's logistics department, has been granted bail because of illness.
GDB refused to comment yesterday.
This week, GDB Chairman Li Ruohong stepped down after the board agreed on Monday to accept his resignation.
Li, 54, cited health as one of his reasons for his departure.
The investigation into Wang is linked to the bank's bad assets settlement project between 2005 and 2006, insiders said.
Wang, one of the bank's seven vice governors, was in charge of human resources, supervision and technology.
In 2005-2006 he had played a key role in the bank's bad assets settlement project worth 50 billion yuan (US$7.32 billion).
Insiders said there may have been illegalities in the settlement project.
As part of the project, the bank sold its assets to Citigroup for 24.1 billion yuan in November 2006 and auctioned off a package of assets valued at 33.3 billion yuan.
It also sold a 100 percent stake in the Guangdong Guangkong Group Co Ltd and the group's 1.72 billion yuan of creditors' rights.
Wang Xin, 58, a vice governor of the bank, was arrested on June 19, Caijing.com reported. Prosecutors searched Wang's home and office on June 5.
Also arrested were Lei Da, vice general manager of the bank's assets management department, and another man surnamed Hou who reportedly had close contacts with the bank, the report said.
Li Shujin, manager of the bank's logistics department, has been granted bail because of illness.
GDB refused to comment yesterday.
This week, GDB Chairman Li Ruohong stepped down after the board agreed on Monday to accept his resignation.
Li, 54, cited health as one of his reasons for his departure.
The investigation into Wang is linked to the bank's bad assets settlement project between 2005 and 2006, insiders said.
Wang, one of the bank's seven vice governors, was in charge of human resources, supervision and technology.
In 2005-2006 he had played a key role in the bank's bad assets settlement project worth 50 billion yuan (US$7.32 billion).
Insiders said there may have been illegalities in the settlement project.
As part of the project, the bank sold its assets to Citigroup for 24.1 billion yuan in November 2006 and auctioned off a package of assets valued at 33.3 billion yuan.
It also sold a 100 percent stake in the Guangdong Guangkong Group Co Ltd and the group's 1.72 billion yuan of creditors' rights.
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