Walter Hutchens’ Blog

The New York Times and a number of other sources are reporting that Zhang Enzhao, former president of China Construction Bank, one of the big four PRC banks, is named in a US lawsuit for allegedly taking bribes in China. The Times report is here.

The suit was filed in the US against an American firm by a PRC company claiming it didn’t get its “commission” for helping the US firm obtain business from the CCB. The lawsuit reportedly led to a PRC investigation which led to Zhang’s resignation.

The articles notes CCB is believed to be first in line among the big four for an overseas share listing.