The chairman of China Construction Bank, Wang Xuebing, was sacked from his position in January. The central bank governor Dai Xianglong said that he was under investigation in connection with “credit irregularities” while at the Bank of China. Wang had been president of Bank of China for seven years before joining the Construction Bank in February 2000.
The investigation could delay the planned listing of Bank of China (Hong Kong) in Hong Kong and New York due to take place in the first quarter of this year.
In a separate development, Bank of China was revealed to have been involved in a misuse of funds, according to an investigation by the National Audit Office. Twenty-two cases of financial irregularities were found at the bank, involving Yn2.7bn of assets and implicating 35 people, according to Xinhua. Altogether, the probe discovered more than Yn160bn misallocated by officials at various government agencies and state enterprises.