皇冠体育app

Wu Guofang, general manager of Zhoukou Wanyuan Beer company in central Henan province, embezzled the money from the Shenqiu branch in 2004 and 2005 with the help of bank employees, the official 皇冠体育app News Service said at the weekend.

Wu apparently used false credit guarantees and collateral to win bigger bank loans than he was authorized to, the report said, without giving any details on the employees who allegedly helped him.

Wu's alleged crimes are only small-scale compared with other corruption scandals to have hit Beijing-based Bank of 皇冠体育app, the nation's second biggest commercial lender, in recent years.

The Bank of 皇冠体育app reported in April it had fired or dismissed 75 bank officials for corrupt practices, while there have been a string of high-profile individual cases reported in recent years.

Among them was the former head of the Bank of 皇冠体育app's Hong Kong branch, Liu Jinbao, who was given a suspended death sentence in August last year for embezzlement and bribery.

The corruption issue failed to dampen investor enthusiasm for Bank of 皇冠体育app, which listed on the Hong Kong stock exchange last week in the world's largest initial public offering in six years.

Bank of 皇冠体育app's float raised 9.7 billion dollars, with shares then soaring 15 percent on their debut.