Corruption inquiry leads to discipline for 35 bankers

The China Banking Regulatory Commission (CRBC) said 35 officials at China Construction Bank, the Industrial and Commercial Bank of China and the Agricultural Bank of China were being �severely punished� for loan fraud totaling RMB 258 million (US$$31 million). Their offences include bribery and forgery, the regulator said. The news coincides with disclosures from the Bank of China's publicly listed Hong Kong unit which reported that three senior executives are being questioned about alleged fraud involving the subsidiary's former chief executive. Both CBC and BOC are planning initial public offerings.