China: Banks exposed to loan fraud

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Chinese banks had about 20 billion yuan (R35bn) of exposure to companies at the centre of a loan fraud probe in the eastern port of Qingdao, two government officials said yesterday, citing the latest findings of an inquiry. Bank of Communications had also filed a lawsuit against Dezheng Resources and Decheng Mining, said the officials, who asked not to be identified. Decheng pledged the same metals stockpile three times over to obtain more than 2.7 billion yuan of loans, it was revealed earlier this month. – Bloomberg

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