BEIJING – China executed four people, including employees of two of its Big Four state-owned banks, for fraud totaling $15 million, the state Xinhua news agency said Tuesday.
The executions occurred in the midst a high-profile government campaign against financial crime. They followed a string of arrests in white-collar crime as China prepares to sell shares publicly in its big banks.
The latest cases involved China Construction Bank, due to raise up to $10 billion in an IPO next year; and Bank of China, which is moving towards an IPO worth up to $4 billion.
One of those executed was Wang Liming, a former accounting officer at China Construction Bank in the central province of Henan, who worked with others to steal 20 million yuan ($2.4 million) from the bank using fraudulent papers.
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