Luo Jieqi and Yu Ning

The Defendant,polo ralph lauren
The Missing Banker
Full article in Chinese: http://www.caijing.com.cn/2009-07-30/110218789.html
Among the defendants to have appeared in court on July 28 was Wang Sheng, chairman of Guangzhou Jin Yuan real estate company and Guangzhou Tian Yuan investment company. Many of BOCOMM’s fraudulent loans trickled into these two companies’ coffers.
The judge’s hammer resonated July 28 behind closed-doors, and in the hearing prosecutors accused Wang Sheng and Zhang Liwen, two local businessmen,nike mercurial, of obtaining a massive amount of loans via the local branch of Communication Bank (BOCOMM,mercurial vapor, SSE: 601328.SH, HKE: 03328). Two BOCOMM officials were shouldered alongside the accused for colluding in the scheme.
Caijing has learned that Keng Wong, age 44, and Wang Sheng are actually two aliases for the same person, who was then arrested by the police.

The MOF probe pointed to problematic loans summing to as much as 1.7 billion yuan made by two BOCOMM branches in Guangzhou. However, an internal investigation of BOCOMM covering more than 10 branches lifted the figure to 4 billion yuan. Later, police investigations would rewrite the number to more than 9 billion yuan. To this day, 4.6 billion yuan of the total remains as dead loans in BOCOMM’s books.
(Caijing.com.cn) Following nearly two years of investigations,nike mercurial vapor, a trial has been opened in Guangdong Province over the illegal loaning of billions of yuan. One major suspect, however, has successfully evaded authorities and still remains at large.

In the wake of the investigation in late 2007, BOCOMM reshuffled its Guangdong management, reappointing Liu to a trust company in Hubei province and sacking a number of bankers. But well-connected Liu was informed about the coming legal storm and fled overseas before his relocation order had even been announced.



Chinese police have issued a global alert through Interpol, but Liu’s whereabouts remain a mystery to this day.
Born in 1965, Liu earned a degree in mathematics and mechanics from Zhongshan University in Guangdong. He first started working for banks in the 1980s, and shifted jobs from the local branches of the Central Bank to Shenzhen Cooperation Bank,chaussure louboutin, Minsheng Bank and the Construction Bank before he headed BOCOMM’s Guangzhou arm in 2004.






The police investigation, initiated in 2007,cheap franklin marshall, uncovered a hole in BOCOMM’s books as large as 9 billion yuan, so far only half of which has been recovered. But exactly how much money appeared in the recent allegation remains unknown to the public.






Both of Wang’s enterprises belong to Canton Property,chaussures football, a company registered in the British Virgin Islands under the name of Keng Wong. Canton Property went public in London (CPIL.L) in August 2007, raising US$50 million by issuing 5.5 million shares.
One key suspect remains at large, and 4.6 billion yuan of the loans classifies as non-performing.












The scheme was unveiled during a routine review in June 2007, when officials from the Ministry of Finance (MOF) discovered in BOCOMM’s files falsified financial statements from several local borrowers. Meanwhile, letters from whistle blowers continued stacking up on their desk accusing Liu Changming, then president of BOCOMM’s Guangzhou city headquarters, of illegal loan-writing.

By staff reporters Fang Huilei,polo ralph lauren pas cher, He Xin, Luo Jieqi and Yu Ning








The court has already frozen three housing projects held by Canton Property, which may be worth as much as 5 billion yuan according to a 2007 assessment.

Liu Changming


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In October 2008, Canton Property halted trading, saying its chairman had been missing for two months.

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