Tag: ICBC

$40 million in Deposits Missing, State-Owned Bank Not Accountable

A bank manager working at a branch of state-owned Industrial and Commercial Bank of China (ICBC) was recently sentenced to life in prison for setting up a scheme that enabled him to steal 250 million yuan (about $40 million) in deposits. The depositors are finding it almost impossible to get their money back as the…


China Sentences Former Senior ICBC Banker to Life for Bribery

BEIJING—China sentenced Gu Guoming, a former senior banker at Industrial and Commercial Bank of China (ICBC), to life in jail after being found guilty of bribery, state media said on Aug. 12. China’s top anti-graft body has put high-profile financial officials under increased scrutiny in recent years, with a focus on the banking sector since…