CHINA Details are emerging of China’s largest suspected bank fraud after the former chairman of a company listed on London’s Alternative Investment Market appeared in a Chinese court last week.
Prosecutors in the southern Chinese city of Guangzhou allege that Wang Sheng, former chairman of Canton Properties, a prominent developer in southern China, obtained about Rmb4.8bn ($702m) of illegal loans from Bank of Communications, a state-controlled lender 18.6 per cent owned by HSBC.
