Shanghai-based Bank of Communications (Bocom) employees and clients staged sit-ins at the bank's headquarters to protest US$10.3 million worth of defaulted trust units sold by the bank, according to a South China Morning Post report. Last year, Xinjiang Uighur Autonomous Region-based Jinsin Trust, a unit of the Dï¿½long investment group, sold 200 trust units with a 5.2% return through Bocom to investors including Bocom employees and clients, with the guarantee that it would repay the money a year later. Jinsin used the funds to acquire mainland dairy producers. Bocom hired securities lawyers to help its employees and clients, despite a request by the China Banking Regulatory Commission to avoid putting "too much pressureï¿½ on Dï¿½long.
You must log in to post a comment.