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Bank of China employee arrested for $6 mln fraud
(Agencies)
Updated: 2005-03-27 11:30

Chinese authorities have arrested and charged a man who worked as a typist at the Bank of China for fraudulently obtaining $6 million from the state bank, now earmarked for a multi-billion-dollar public share offering.

The employee from a branch in the northern city of Dalian had embezzled $6 million since 1999, the official Xinhua news agency on Saturday quoted the public security bureau as saying.

The man, Zhai Changping, had worked as a typist entering data into a computer system, the news agency reported.

The government plans to offer shares in Bank of China and China Construction Bank as part of a wider effort to reform the banking system.

The former chairman of China Construction Bank, Zhang Enzhao, quit this month for "personal reasons" amid corruption allegations.

A Beijing-based company has accused him in a civil suit in a US court of taking a $1 million bribe from a US firm seeking to sell software to the bank.

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