6 officials of China’s ICBC bank held in Spain for money laundering

Six officials of the Industrial and Commercial Bank of China were placed in detention by Spanish authorities on suspicion of laundering 40 millions of euros, judicial sources said on Saturday. Madrid appeals court said the six were detained overnight, and while three of them can be freed if they post bail of €100,000 each, the others will remain in custody for the time being. A bank official said in Beijing that the case is still under judicial investigation, and no inference of guilt should be made without a verdict. The official said ICBC retains the right to pursue legal redress against any slander.

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