BOC: Audit findings have little impact
(Shanghai Daily)Updated: 2007-06-25 13:35
Bank of China Ltd said "isolated" cases of irregularities
and compliance breaches uncovered during a government audit last year won't
affect its financial results, Bloomberg reported today.
The National
Audit Office found incidents including failure of branches to adhere to the
government's macro-economic controls and the bank's own credit approval
policies, the nation's second-largest bank said in a statement.
The
investigation, carried out between April and September last year, also uncovered
improper recording of income and expenses, the Beijing-based lender said. It
identified risks in a small number of highway construction loans and Bank of
China's disposal of non-performing assets.
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Several senior bank executives including Liu Jinbao, former chief executive of Bank of China's Hong Kong operations, and Wang Xuebing, who headed China Construction Bank, have been sentenced to prison terms on corruption charges in recent years.
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