Chinese banks investigated over abuse of government funds

[WhiteTara]

The conference of the National Audit Office in Beijing, which monitors the use of government money – including state-owned companies – heard that 22,000 Chinese officials had been audited up to November. Of those, 196 were referred to Communist party investigation agencies and prosecutors for possible punishment.
The Audit Office said it would focus next year on investigating branches of the Bank of China, Bank of Communications and China Merchants Bank.
Bank of China is also preparing for a flotation, and is expected to make an application before the end of 2005 for a listing on the Hong Kong bourse.
Separately, the China Banking Regulatory Commission said its regular checks this year had uncovered irregularities involving 588.5 billion yuan in loans and other funds at the nation's "big four" state lenders – Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China.
For years, China's banks have been repeatedly bruised by scandals involving senior executives and branch managers siphoning off cash for private purposes, taking bribes or diverting loans to cronies who do not intend to repay.
http://www.theherald.co.uk/business/53221.html
looks like greed covers the world.