Fraud probe at Minsheng Bank

1 March 2002

A loans officer at the Shanghai branch of Minsheng Bank, China's only private bank, was reported by the Financial Times to have been charged last month with defrauding the bank of Yn354m. The man was alleged to

have forged the seal of the Shanghai mint to illegally procure the loans from the bank.

In a separate development, Minsheng has hired Thomas Macy, formerly of accountancy giant PricewaterhouseCoopers. He will serve as senior adviser to bank chairman Jing Shuping, China Daily said.