China’s National Audit Office has found three major financial institutions illegally provided loans to unqualified industries and local governments, failing to put in place proper risk management and controls, according to its official website. The audit focuses on business, corporate governance, risk control and anti-corruption on three financial institutions including Industrial and Commercial Bank of China (ICBC) Ltd., Agricultural Bank of China Ltd, and CITIC Group Corporation Ltd. In terms of business operations, the three companies were found to illegally …

Three Major Chinese Financial Institutions Found To Provide Illegal Loans appeared first on China Money Network.