China official arrested for bank fraud
(Reuters)
Updated: 2006-06-02 13:33
A Chinese official has been arrested on suspicion of defrauding $18.2 million
from the Bank of China, state media reported on Friday.
Wu Guofang, 44, the head of a beer company and law maker in the northern
province of Henan, is accused of collaborating with bank employees to defraud a
branch in Shenqiu county, the Beijing Youth Daily newspaper said.
Beijing-based Bank of China raised $9.7 billion in the world's largest
initial public offering in six years and its share price rose 15 percent in its
trading debut in Hong Kong on Thursday.
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