Details are emerging of China’s largest suspected bank fraud after the former chairman of a company listed on London’s Aim market appeared in a Chinese court last week. Prosecutors in the southern city of Guangzhou allege that Wang Sheng, former chairman of property developer Canton Properties, obtained about Rmb4.8bn ($702m) of illegal loans from Bank of Communications, a state-controlled lender 18.6% owned by HSBC. Prosecutors claim Wang, also known as Keng Wong, was the main recipient of the illegal loans.

This entry was posted by Gwen Robinson on Thursday, August 6th, 2009 at 4:55 and is filed under People. Tagged with bank of communications, Canton Properties, hsbc. Edit this entry.