Last Friday, Zhang Enzhao, the former chairman of China Construction Bank, was sentenced for 15 years of prison in Beijing. His lawyer said Zhang faced 19 counts of taking cash and property in exchange for assisting firms to obtain loans from his bank.
China Construction Bank is one of China’s biggest banks. Last October, the bank held an initial public offering, and raised $9.2 billion in Hong Kong.
Zhang was illegally accepting1.5 million yuan ($185,000) in corrupting cases; he was also accused for taking one million US dollars for helping a U.S.-based company to get contracts from his bank.
Zhang’s lawyer said 15 years jail punishment for Zhang is more severe than it is supposed to be.
I think it was just his opinion.
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Zhang worked to effect CCB's reforms after becoming deputy president in 1999. In particular, he was a strong advocate of information technology. He encouraged the financial support of infrastructure and high-technology industries, to spark the technical development of state-owned enterprises. He also emphasized the importance of using advanced technologies within CBB, such as networking bankwide operations and improving Internet banking.
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Truth
Posted by: Truth | November 20, 2006 12:21 PM | Permalink to Comment