Bank of China (BOC) said here on Monday that it will support the U.S. Department of Justice's charge of the bank's corrupt officials involved in the Kaiping corruption case.

Wang Zhaowen, spokesperson for the bank, said the BOC has recognized the appeal made by the U.S. side regarding the criminal activities and will cooperate with the U.S. side on the investigation. "The clampdown on money laundering and corruption is the common responsibility of all the countries in the world," he declared.

The Kaiping corruption case took place in October 2001 in South China, involving three bank managers in the Kaiping Branch of the BOC, who were accused of using their posts to approve phony loans and money transfers. They fled to the United States through Hong Kong and Canada after their actions were discovered.

Wang Zhaowen said the BOC has actively cooperated with the Chinese legal department on the investigation and will continue to work together with the U.S. side.

The U.S. side handed over Yu Zhendong, the main corrupt official of the case, to China on April 16, 2004.

Wang said after the bank's reform to introduce the stockholding system, the bank's internal supervision had been strengthened, adding that the bank will make strict surveillance a priority in order to ensure the safe operation of the bank's fund.

Source: Xinhua