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ICBC, Bank of China Fined on Fraud Reports, Daily Says

Aug. 1 (Bloomberg) -- Industrial & Commercial Bank of China Ltd., the country’s largest lender, and Bank of China Ltd. will be fined for failing to make timely reports to authorities about fraud cases, Shanghai Daily reported.

The lenders, along with China Minsheng Banking Corp. and a rural credit cooperative, may receive additional penalties for breaching disclosure rules, the newspaper said today, citing a notice issued to financial institutions by the China Banking Regulatory Commission.

Local media had extensive coverage on cases including loansharking by bank employees and fundraising fraud before authorities were briefed on the matters, Shanghai Daily said.

Spokesmen for ICBC and Bank of China declined to immediately comment on the report, asking not to be named because of bank policy. Three phone calls to the CBRC’s press office and two calls to Minsheng went unanswered.

To contact Bloomberg News staff for this story: Aipeng Soo in Beijing at asoo4@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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