Cars
Jinan Truck says unit involved in bank fraud
Updated: 2011-01-13 09:24
(Agencies)
CNHTC Jinan Truck Co Ltd, a Chinese maker of heavy-duty vehicles, said on Thursday that a subsidiary was involved in a bank fraud that could threaten repayment of 500 million yuan ($75 million) worth of deposits.
Qilu officials were not immediately available for comment.
Jinan Truck said that it was actively seeking support from the government, in a bid to get back the deposits, and that the scandal will not impact its operations or cashflow, the company said in a statement to the Shenzhen Stock Exchange.
Qilu Bank, based in the eastern province of Shandong, was being investigated for its part in a commercial paper fraud, Caing magazine reported on Jan 4.
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