Wednesday, September 3, 2008

Bank of China Managers Have Been Convicted

In related news to this post from us, former Bank of China managers and their wives have been convicted on charges of racketeering and laundering $485 million they defrauded from the lender, as stated by the U.S. Department of Justice. This article reports that Xu Chaofan, and Xu Guojun, along with their respective wives, Kuang Wan Fang and Yu Ying Yi, were convicted by a federal jury in Las Vegas on Aug. 29. Yu Zhendong, another bank manager accused of fraud has sentencing scheduled for Nov. 24. In the meantime, amidst all of this press, shares for Bank of China have decreased by 12% this year in Hong Kong Trading.

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