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在线翻译:
szdaily -> Business -> 
China fines 12 banks over bill fraud case
    2018-01-29  08:53    Shenzhen Daily

CHINA’S banking regulator said Saturday it had fined 12 banks a total of 295 million yuan (US$46.2 million) over a bill fraud case in the northwestern province of Gansu.

Investigations of a Postal Savings Bank of China (PSBC) sub-branch in the Wuwei city of Gansu in December found 7.9 billion yuan worth of bills involved in the fraud, according to the China Banking Regulatory Commission (CBRC).

Another three billion yuan of wealth management funds were illegally drawn or embezzled in this case, the CBRC said.

“Bank staff colluded with outsiders to carve official seals without permission, used fake papers and contracts, illicitly conducted inter-bank wealth management business and bill discounting, and illegally drew and embezzled funds,” a CBRC statement said.

It was a severe case involving multiple agencies and seriously damaged market order, according to the statement.

The former head of the PSBC sub-branch was barred from banking for life and transferred to judicial agencies. Executives at the bank’s municipal level and provincial branches, as well as those from the other 11 banks involved in the case, were also punished.

China’s top banking regulator has proved with actions that oversight in the banking sector will be tightened and regulatory standards will become stricter. Last Tuesday, the CBRC has fined the Chengdu branch of Shanghai Pudong Development Bank for 462 million yuan for illegally covering up bad loans.

The move signaled a continued hard stance from the government following a tough financial clean-up in 2017. The CBRC last year imposed nearly 3 billion yuan in fines on banking institutions and punished 270 individuals.

The regulator said that violations in corporate governance, property loans and disposal of non-performing assets will be punished more strictly, and that it would strengthen risk control in interbank activities, financial products and off-balance sheet business. (Xinhua)

 

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