Tang Ruoxin 

Tang Ruoxin

The general manager of China's state-owned trade insurance company has been arrested on charges he took bribes and caused heavy losses by abusing his position, a state news agency reported Friday.

Tang Ruoxin was fired from the China Export and Credit Insurance Corp. following an investigation into improper lending, the Xinhua News Agency said, citing an announcement by the country's insurance regulator.

Investigators found "hefty state-owned assets were lost when Tang abused his power to benefit others," and Tang and his family took "a large amount of bribes," Xinhua said. It said Tang was arrested Aug. 21 and an investigation was under way.

In one incident, Tang was accused of offering a credit guarantee to the Shanghai Hongsheng (Norcent) Technology Co., which lied to the bank and defaulted on a $245 million loan, Xinhua said. It gave no details of the losses to the insurer.

Xinhua said Tang was stripped of his Communist Party membership, usually a step toward prosecution, but there was no mention of what penalty he might face if convicted.

It was the second corruption case disclosed this week against a high-level Chinese financial executive following an announcement Wednesday that the vice president of the China Development Bank, Wang Yi, was under investigation on charges of taking bribes.

Tang had been general manager of the Export and Credit Insurance Corp. since it was created in 2001, Xinhua said.

Former PresidentThe attorney agent of Dongbei Express got the written judgment from Supreme Court, the Songhe street branch of Bank of China has to pay Dongbei Express 0.29 billion Yuan and interests within 10 days after they recieve the witten judgment.

Details of this case

In January 2005, Dongbei Express LTD. found their 0.29 billion saving in Songhe street branch of Bank of China is gone. That unveil the catase, Gao Shan, former president of Songhe street branch of Bank of China abscond to Canada with several hundred million yuan.

On the 26th January 2005, the spokesman of Bank of China's headquarter, Wang Zhaowen, confirmed that 0.29 billion yuan in one deposit accout of Bank of China was gone. Its former branch president, Gao Shan,was suspected to be involved in Crime of Financial Fraud, running out of China. Till now this case is under trial for 2years. 

The former president of Songhe street branch of Bank of China, Gao Shan, was taken in costedy by Canada police sience the 16 February 2007 for providing fake personal information. It is said that Gao Shan is under the hearing before sent back to China.

Yesterday the stock of St. Dongbei Express soared to daily limit-up, 5%.