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BOC Hong Kong loans under the spotlight

BOC Hong Kong loans under the spotlight

(China/Hong Kong) Bank of China’s Hong Kong unit has come under scrutiny following its dealings with tycoon Zhou Zhengy, who is currently under house arrest for alleged questionable loans and fraud. The news that Bejing has launched an enquiry in goings-on at the bank has triggered a string of downgrades by investment banks on BOC Hong Kong and undermined China’s financial image overseas at a time when it desperately needs foreign funds.

The latest probe follows an investigation into the bank’s former chief executive Liu Jinbao over a HK$2.1 billion credit line to the incarcerated Shanghai tycoon.
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