113 bribery cases uncovered in China's banking sector last year

A team of bank inspectors uncovered 113 cases of bribery in China's banking industry last year, involving 164 people and 26.08 million yuan (3.3 million U.S. dollars). The team, which was formed in February last year to clamp down briberies in the country's banking industry, said in its report on Tuesday. Most of the cases have been tried, said the team which was set up by the China Banking Regulatory Commission. A number of bank crimes have rocked the banking industry in recent years, as China reforms its state-owned banks, which had management loopholes and weak risk-control mechanisms. Last year the former president of China Construction Bank (CCB), Zhang Enzhao, was sentenced to 15 years in prison for taking bribes totaling more than four million yuan (500,000 U.S.

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