China at­taches high im­por­tance to case in­volv­ing big­gest bank ICBC in Spain

The Pak Banker - - FRONT PAGE -

China at­taches high im­por­tance to a case in­volv­ing the Madrid ar­rest of five di­rec­tors of its largest bank by as­sets, In­dus­trial and Com­mer­cial Bank of China (ICBC), a Chi­nese for­eign min­istry of­fi­cial said on Fri­day.

The ar­rests fol­lowed a po­lice raid on the len­der's of­fice in the Span­ish cap­i­tal as part of a probe into al­leged money laun­der­ing, Europol has said. Liu Haix­ing, as­sis­tant for­eign min­is­ter, met Jose Luis Gar­cia Galan of the Span­ish em­bassy on Fri­day, the For­eign Min­istry said in a brief state­ment on its web­site.

Liu asked that Spain pro­tect the rights and in­ter­ests of Chi­nese firms and cit­i­zens there and han­dle the case in ac­cor­dance with the law, the min­istry said. A Bei­jing-based spokesman for ICBC has said its Madrid branch was co­op­er­at­ing with the in­ves­ti­ga­tion. The Span­ish em­bassy in Bei­jing did not im­me­di­ately re­spond to tele­phone calls from Reuters to seek com­ment on the de­tails of the meet­ing. China's large state-owned lenders have been dogged by al­le­ga­tions of im­proper con­duct as they ex­pand abroad. The probe into ICBC by po­lice, the Span­ish tax agency and Europol in­volves funds han­dled by a crim­i­nal group that the In­te­rior Min­istry says passed through the bank and were trans­ferred to China.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.