Bank of China Wins New York Court Case

Home>>Business

Last updated at: (Beijing Time) Friday, September 27, 2002

Bank of China Wins New York Court Case

The Bank of China (BOC) announced Thursday that its New York Branch has achieved an overwhelming victory against a client it accused of fraud.

DISCUSSION

CHINESE

SEND TO FRIEND

The Bank of China (BOC) announced Thursday that its New York Branch has achieved an overwhelming victory against a client it accused of fraud.

A BOC spokesman said that the verdict made by the United States District Court Southern District of New York on Sept. 10 strongly supported the bank's claims against John Chou, NBM LLC and other firms.

The court awarded the BOC New York branch the total sum of more than 106.3 million US dollars and an additional sum of over 3.6 million dollars for attorneys' fees and costs.

Meanwhile, the defendants were denied their counterclaims against the bank and their third-party claims against the third-party defendants, according to the verdict.

The BOC spokesman said that the indictment was filed with the court in February 2001, claiming that John Chou and his companies cheated and defaulted on bank loans of 34 million dollars.

The verdict is fair and should ring an alarm bell for those who intend to commit illegal bank fraud, the spokesman added.

The BOC noted that it will, as always, require its New York branch and other overseas and domestic branches to strictly abide by local laws, codes and regulations, and to further enhance its capacity in guarding against fraud and other illegal activities so as to safeguard the bank's own legal rights and interests.

Questions?Comments? Click here

Global Times: BOC Gets 200m USD of Indemnity from a Cheating Company

Punishing Bank's New York Branch Conducive to Healthy Development

BOC Reaches Agreement with US on Fine Payment

China Since 1990: Facts and Figures Tell of Rising Prosperity ( 40 Messages)

Source of Cult Members' TV Hijacking Pinpointed ( 9 Messages)

Two Chinese Students Shot Dead When Robbing a Malaysian Bank ( 2 Messages)

Six Major Measures Promote China's Century Prosperity ( 11 Messages)

China to Build up Oil Stockpile ( 22 Messages)