Police and regulators are investigating two junior employees at China’s third-largest bank who allegedly embezzled Rmb3.8bn ($578m) to invest in the once-booming stock market, local media have reported.
Liu Shiyu, Agricultural Bank of China chairman, is said to be “furious” over a lapse in internal controls that allegedly allowed employees at its Beijing branch to illegally obtain cash through bankers acceptances, according to Caixin, a respected financial news website.
The employees reportedly intended to return the cash after completing stock trades, but the sharp decline in China’s stock market led to losses.
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