Liu Jinbao: Routine Transfer

"On May 28th

[2003], only a day before its shareholders' meeting, the Bank of China in Hong Kong, a subsidiary of one of China's four huge and troubled state banks, announced that its chief executive, Liu Jinbao, had resigned and moved to Beijing as part of a 'routine transfer'. 'Routine,' in the language of China's banking system, tends to mean anything but. Sure enough, on June 10th the bank formally admitted that Mr Liu had in fact been detained in Beijing, and was under investigation for corrupt lending to a Shanghai property tycoon, Zhou Zhengyi..."

[On December 10th, Wang Xuebing, the former head of Bank of China in Hong Kong was jailed for 12 years for graft.]

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