Bank of China manager sacked
1 August 2003
The head of Bank
of China's Shanghai branch, 7hou Lu, has been sacked for loans granted to local property
firm Wan Tal Group under his tenure. A spokesperson for the bank said sonic of these
loans involved 'irregularities' for which Zhou should be held directly responsible. Wan Tai
is under investigation by the authorities and its owner, Qian Yong's ci, is being questioned
about the loans. Zhou has been replaced by Huang /hiwci, head of the bank's Nanjing
branch.
Bank of China made pre-tax profits of Ynl2.96bn in the first half of 2003, an
increase of 85 per cent year-on-year.