Guangzhou banks run out of cash as armored car guards go on strike

By Li Qian | February 11, 2014, Tuesday |

Online Edition

HUNDREDS of armored car guards went on strike this morning and blocked roads in Guangzhou, the capital of southern province of Guangdong, hampering the operation of branch banks, which ran out of cash to give depositors.

By 11am, many local bank outlets no longer had money to give to depositors and it was unknown when normal service would be restored, provincial news portal gd.qq.com reported.

Guards from the Guangzhou Suibao Escort & Convoy Co started gathering in front of the company gate in Baiyun District at 7am. The strike was called over salary issues and company rules on guns, though no specifics were reported.

The report said Suibao has a virtual monopoly on transporting cash to banks around the city.

On Saturday, one of the company’s guards was shot in the head when his shotgun discharged accidentally. He died after emergency treatment. A police investigation is under way, and it was not known if the strike was related to the accident.

Nation

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Guangzhou banks run out of cash as armored car guards go on strike

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