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The Bank of China (BOC) said Friday it had dismissed eight people involved in a grave financial fraud case that occurred early this year at its Hesongjie sub-branch in Harbin, capital of China's northernmost Heilongjiang Province.
Details of the case are not yet available, though Wang Zhaowen, a BOC spokesman, said the bank will continue to cooperate with police investigations. Earlier reports said it might involve hundreds of millions of yuan (tens of millions of US dollars).
The dismissed include director Gao Shan of the bank's Hesongjie sub-branch and two other staff said to be engaged in the fraud, and six other BOC staff were removed from their posts, according to Wang.
Calling the case "complicated," the bank spokesman said BOC will do its utmost to retrieve related fund losses. "It will not have a big, negative effect on the BOC's financial performance, let alone on its ongoing shareholding reform."
But Wang vowed to step up risk control on the bank's operation.
BOC is one of China's Big Four state-owned commercial banks. Its Hong Kong subsidiary's shares are traded in Hong Kong and New York and the parent bank is also seeking a stock market debut on the heels of China Construction Bank, which is set to be listed in Hong Kong later this month.
(Xinhua News Agency October 15, 2005)
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