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China Railway Construction Corporation exec, others charged for defrauding DBS Bank

( June 8, 2020, 05:28 GMT | Official Statement) -- MLex Summary: An executive at a unit of China Railway Construction Corporation has been charged in Hong Kong, along with three other businessmen, for allegedly defrauding DBS Bank. Hong Kong's Independent Commission Against Corruption alleges that Wang Xiaoshan, a deputy general manager of China Railway Construction (HK) Limited, and the three others dishonestly applied to the bank for three letters of credit totaling HK$75.3 million ($9.7 million) for transactions that didn't exist, and produced false documentation to support the applications. Bribes were paid as part of the scam, the agency said. All four defendants are set to appear at the Eastern Magistrates’ Courts tomorrow.The full statement from the ICAC follows. ...

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