Bank of China Embezzled For $125 Million

Recently, a former executive at the Bank of China was arrested for embezzling 41 million yuan ($5 million). As a result of the theft, the bank took corrective actions and subsequently announced that internal administrative controls had been strengthened. Well, according to this report, bank officials may have spoken too soon.

Two senior Bank of China executives are missing and believed to have fled to the U.S. or Canada after embezzling as much as 1 billion yuan ($125 million). Initial indication of a problem surfaced on January 15 when it became known that 290 million yuan was missing. Later, it was discovered that an additional 700 million yuan was missing along with the two bankers. Geez! Imagine how much they could have stolen if the bank hadn't "strengthened" the internal controls.

Interestingly, the notable Chinese news site, Xinhuanet.com, so far has failed to mention the heist. Maybe they're busy with other news?

Companion post at Backcountry Conservative.