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Wednesday 05 August 2009 8:00 pm  |  Updated:  Friday 31 May 2019 4:54 am

China faces 413m bank fraud

By: admindrupal

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China is dealing with its largest suspected bank fraud, after the chairman of a large property firm, Canton Properties, appeared in court yesterday facing allegations over a 4.8bn yuan (£413m) scam. Wang Sheng is believed to have obtained a number of illegal loans from Bank of Communications, a state controlled lender, 18.6 per cent owned by HSBC.

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