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Chinese bank vice president assists in investigation

(Xinhua)

08:55, June 01, 2012

BEIJING, May 31 (Xinhua) -- Agricultural Bank of China (ABC), the nation's third-largest lender by market value, has confirmed that its vice president, Yang Kun, "is assisting investigations by authorities."

The brief statement, posted on the website of the Shanghai Stock Exchange late on Wednesday, did not elaborate on what entity is conducting the investigation or what is being investigated.

It said the bank's businesses, operations and financial situation will not be affected by the goings-on.

Previous media reports claimed Yang was taken away last week to assist an investigation by the Communist Party of China's Central Commission for Discipline Inspection.

Yang, 53, holds a master's degree in economics and has been working with ABC for more than two decades.

He has been the bank's vice president and executive director since January 2009, and his current tenure ends on Jan. 16, 2015.

Yang is also chairman of an ABC-controlled fund management company and a financial leasing firm wholly owned by the bank.

As the bank's first vice president, Yang received an annual salary of 916,500 yuan (144,558 U.S. dollars), before tax, in 2011, second only to ABC President Zhang Yun, according to the bank's annual report.

ABC's share price fell 1.86 percent to 2.64 yuan on the Shanghai bourse on Thursday, but rose 0.64 percent on the Hong Kong bourse.


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