Agricultural Bank of China (ABC) has discovered that 3.9 billion yuan ($592.87 million) is exposed to risk after an incident in the notes resale business, it said on Friday [22 January 2016]. ABC, China’s third-largest lender, is working with authorities to investigate the incident, which took place in Beijing, it said in a brief statement to the Hong Kong stock exchange. It did not provide further details. On Friday, Chinese financial publication Caixin reported that ABC may lose 3.9 billion yuan from a bills of exchange scam allegedly carried out by two employees…The Global Times: Jan 2016

Key Point

  • In February 2015, an ABC vice president was sentenced to life in jail for bribery (CNY 30 million or US$4.8 million).

ChinaAg Comment

  • China’s third largest bank by assets, the Agricultural Bank of China is listed on the Shanghai and Hong Kong Stock Exchange.

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