COMRADE OR EMBEZZLER?
The Asian financial stage has been littered with corpses over the past 12 months. The courts are full of whodunits: Taipei’s Cathay empire, Singapore’s Pan-Electric Industries, Hong Kong’s OTB (Overseas Trust Bank). Now it emerges that some of the most flagrant frauds took place inside the banking system of puritanical China.
Signs that something was seriously wrong with the banks of the People’s Republic came early in 1985, when Jin Deqin, president of the Bank of China, was summarily removed from office.
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