Related News
Bank of Qilu probed for loan fraud
By Pan Zheng |
January 4, 2011, Tuesday
|
Online Edition
Online Edition
THE Bank of Qilu has been found to be involved in a massive loan fraud and police in Ji'nan, capital of Shandong Province, is probing into the case, China Business News reported today.
The bank which changed its name from Ji'nan City Commercial Bank in 2009, began to show signs of abnormal in early 2010. The newspaper said the bank's 2009 financial report made by Price Waterhouse Coopers already indicated some serious problems such as abnormal credit scale of some lenders and illegal deposit pledges.
An insider told the newspaper that the bank didn't take the warning seriously. Because the Price Waterhouse Coopers insisted on writing these problems in the report, the bank changed its auditor.
As the biggest stockholder of the Bank of Qilu, the Commonwealth Bank of Australia said yesterday they had already learned about the case, but said it would not affect its cooperation with its Chinese partners. However, it said it is now more concerned about risk control.
The bank which changed its name from Ji'nan City Commercial Bank in 2009, began to show signs of abnormal in early 2010. The newspaper said the bank's 2009 financial report made by Price Waterhouse Coopers already indicated some serious problems such as abnormal credit scale of some lenders and illegal deposit pledges.
An insider told the newspaper that the bank didn't take the warning seriously. Because the Price Waterhouse Coopers insisted on writing these problems in the report, the bank changed its auditor.
As the biggest stockholder of the Bank of Qilu, the Commonwealth Bank of Australia said yesterday they had already learned about the case, but said it would not affect its cooperation with its Chinese partners. However, it said it is now more concerned about risk control.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
