Qilu Bank executives sacked in fraud probe
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The bank, based in Jinan, in Shandong Province, was partly owned by the Commonwealth Bank of Australia. [CFP] |
Qilu Bank, a minor lender partly owned by the Commonwealth Bank of Australia, has sacked three executives following a commercial paper fraud which is under investigation, a source close to the bank revealed.
Another source said bank chairman Qiu Yunzhang, bank president Guo Tao and another executive were dismissed because they could not avoid taking overall responsibility for the fraud, which was discovered at the end of last year.
The bank, based in Jinan, in Shandong Province, was found to be involved in a massive commercial paper fraud on December 23, 2010.
The fraud is also likely to have repercussions on local state-owned firms, an executive at a local state-owned company said.
China's business press carried the story above on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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