BEIJING - Chinese regulators have promised to repay more victims of one of the country's biggest-ever banking scandals, after hundreds of thousands of customers were left without access to funds, triggering rare mass protests.
"Henan New Fortune Group manipulated five village banks in Henan and Anhui to illegally absorb and occupy public funds ... and covered up illegal activities," an unnamed China Banking and Insurance Regulatory Commission representative told state media Sunday, citing a three-month initial police investigation.
Shortly afterwards, Henan's provincial banking regulator said customers with deposits of less than 50,000 yuan would be repaid starting Friday.
Source: Financial Digest (financialdigest.net)
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