Mystery of CCB scandal

Sabotage by hardliners could be as much the problem as poor corporate governance.

At first glance, blatant corporate governance abuses would seem to be behind the recent spate of banking scandals in China.

Slack supervision and insider collusion has led to some spectacular cases In the past few months alone, it appears that Rmb 30 million $4 million was stolen in Beijing from Bank of China BOC, Rmb 33 million from China Construction Bank CCB by a humble typist in Harbin, and Rmb 115 million from Agricultural Bank of China ABC in North China, not to mention another Rmb 50 million stolen from BOC in Dalian.

The latest scandal involves the alleged corruption of CCB chairman Zhang Enzhao. In...

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