6 Officials of China’s State Bank Held by Spain Court for Money Laundering, Tax Fraud

A Spanish judge has ruled that six executives of China’s state-owned ICBC bank in Madrid should be detained pending a judicial probe into suspected money laundering and tax fraud, a court statement said Saturday.

Spanish Civil Guard policemen stand guard outside China's ICBC bank offices in Madrid, Spain, on Feb. 17, 2016. Spanish police searched offices of China's ICBC bank in downtown Madrid and arrested six people as part of a money laundering and tax fraud probe. AP Photo/Francisco Seco

MADRID—A Spanish judge has ruled that six executives of China’s state-owned ICBC bank in Madrid should be detained pending a judicial probe into suspected money laundering and tax fraud, a court statement said Saturday.

Three Industrial and Commercial Bank of China officials were sent to jail while investigations continue. Three others were given the option of paying 100,000 euros ($111,300) bail, the statement said.

Five executives were arrested Wednesday on suspicion of money laundering, crimes against Spain’s tax authority and forgery. The sixth, who previously worked in ICBC’s Madrid offices but now works in the Luxembourg branch, was nabbed Friday.

All court interviews were held with interpreters present and all six waived their right not to testify. The court statement said the bank continued to operate normally and Wednesday’s search of its Madrid premises “took place within the strict framework of pre-trial investigations.”

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