(China) – The Bank of China has been awarded US$106 million in a US court after taking action against two borrowers the bank said defrauded its New York branch.The Bank accused a Chinese born New Jersey couple of fraudulently obtaining letters of credit through fake invoices from their exporting business. The couple borrowed around US$80 million.
A jury in the US District Court found in favour of the bank in July, and the judgement was issued after the court dismissed claims from the defendants this month.
US regulators originally moved to fine the Bank US$20 million for making improper loans to borrowers with connections to bank employees, but that action prompted a counter claim from the bank.