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 terms of the high rank of the participant that...

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