On April 23, Wu Biao a former official of the Ningbo...

On April 23, Wu Biao a former official of the Ningbo branch of the People's Bank of China, was found to have used his banking and local government contacts to obtain loans and deposits totaling about 2 billion yuan ($240 million) that were then channeled into personal accounts through a convoluted web of businesses all over the country. Wu's former boss at the bank was convicted of receiving bribes to authorize illegal loans of 180 million yuan ($21.17 million) and given a suspended death sentence.