economy - Minsheng bank hit by fraud


The China Minsheng Bank has admitted to have commited fraud ahead of its domestic listing in 2000, reports the Financial Times.
The disclosure comes as a shock for the banking world. The China Minsheng Bank is the only private bank in China and belongs to the group of second tier banks that are considered to be relative clean compared to the four larger commercial banks. Minsheng plans a US$ 1 billion listing later this year in Hong Kong. It is perceived to have less non-performing loans than other banks.
A former Minsheng director Qiu Yingxin said his signature under a document was false, since he was in police custody during that time.
The document relates to a shareholders' meeting that in fact never took place.