Duan Xiaoxing, former head of the staterun Huaxia Bank, has received a sevenyear jail sentence for taking bribes worth Yn75,000 in return for illegally approving loans totalling Yn150m, said Caijing magazine. The authorities also confiscated personal assets worth Yn80,000 from Duan.
Bank officials said that the arrest of Duan occurred after he had stepped down as bank president. China Southern Securities, the underwriter for the bank's planned initial public offering of around US$600m in new shares, said that the case did not impact on Huaxia's current operations and that everything was going smoothly.
You must log in to post a comment.