The National Audit Bureau has imposed fines of Yn19m on China Construction Bank after a bureau investigation of 20 units and branches of the bank found 88 illegal accounts holding a total of Yn102m, South China Morning Post said. The bank has also been ordered to pay outstanding business and income tax. It had been the target of one of the bureau's two investigations in 2002. The other, of 2,000 units of the Agricultural Bank of China, found illegal accounts totalling Yn87m.
This was the bureau's second investigation of the Construction Bank. Following the first in 2000, the bureau ordered the payment of fines and back taxes totalling Yn548m. At a national audit conference held in January, bureau director Li Jinhua said the problem of illegal management at the Construction Bank had not been resolved. He said the bank was still involved in illegal loans, illegal documents such as discount bills and loans with interest higher than legal levels.
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