China Banking Industry: China's top regulator punishes bank for illegal actions

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The China Banking Regulatory Commission has said it fined and confiscated the Guangdong Development Bank some 720 million yuan for illegal financing behaviors.

The punishment came after employees at a branch of the Guangdong Development Bank fabricated guarantee documents for and colluded with personnel from the Huizhou Qiaoxing Group. Two companies under the group failed to pay off their privately raised company bonds of one billion yuan. The China Banking Regulatory Commission said it will enhance its supervision in the coming months.