A bank manager working at a branch of state-owned Industrial and Commercial Bank of China (ICBC) was recently sentenced to life in prison for setting up a scheme that enabled her to steal 250 million yuan (about $40 million) in deposits. The depositors are finding it almost impossible to get their money back as the court did not hold the bank accountable for this loss.
On March 18, the topic of “ICBC’s 250 million yuan in deposits gone missing” topped the search list of Weibo, a leading Chinese social media platform. Other than how the employee took the money, public discussions focused on whether this crime is “embezzlement” or theft, who the depositors should turn to for their money, and whether they can get it back.
