Arab Today, arab today major chinese banks face huge losses in bill incident
Last Updated : GMT 20:45:53
Arab Today, arab today
Arab Today, arab today

Major Chinese banks face huge losses in 'bill incident'

Arab Today, arab today

Arab Today, arab today Major Chinese banks face huge losses in 'bill incident'

Major Chinese banks face huge losses in bill incident
Beijing - XINHUA

The Agricultural Bank of China, one of the country's four largest lenders, has said that it could lose as much as 3.915 billion yuan (597 million U.S. dollars) in what it called a "material risk incident."

The incident took place at the Beijing branch of the bank involving notes held under resale agreement, the bank said in a filing on Friday night to the Shanghai and Hong Kong stock exchanges.

"The amount exposed to risks is 3.915 billion yuan," it said, adding that police have initiated an investigation.

The Agricultural Bank of China promised it would work with the public security authority and enhance coordination with related institutions "to safeguard the security of funds to the greatest extent."

The bank, listed in both Shanghai and Hong Kong, didn't provide any detailed information about the scandal in the filing.

Business magazine Caixin, however, reported that two employees at the bank's Beijing branch were at the center of the scandal, having illegally sold bills of exchange worth 3.915 billion yuan to an agent in the southwestern city of Chongqing, who sold them to another bank.

The bills of exchange work in a similar way to post-dated cheques, which demand one party pay a fixed sum to another in a set period of time, Caixin said.

The two employees, both very young, used money from the sale of the bills to invest in the stock market and suffered huge losses owing to a plunge in share prices, according to Caixin.

The Chinese stock market suffered a rout starting June 12, 2015, when the benchmark Shanghai Composite Index peaked at 5,178 points. The index was almost halved at Friday's closing of 2,916 points.

On Friday, share prices of the Agricultural Bank of China ended 0.65 percent higher in Shanghai and 1.11 percent higher in Hong Kong.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today major chinese banks face huge losses in bill incident Arab Today, arab today major chinese banks face huge losses in bill incident

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today major chinese banks face huge losses in bill incident Arab Today, arab today major chinese banks face huge losses in bill incident

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iraq Kurds in historic independence vote

GMT 15:20 2017 Monday ,25 September

Iraq Kurds in historic independence vote
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday