CNHTC Jinan Truck Co Ltd , a Chinese maker of heavy-duty vehicles, said on Thursday that a subsidiary was involved in a bank fraud that could threaten repayment of 500 million yuan ($75 million) worth of deposits.
Jinan Truck did not identify the bank. But local media, including Caijing magazine and the state-owned People's Daily website, reported that the company fell victim to a commercial paper fraud at Qilu Bank, a small lender partly owned by the Commonwealth Bank of Australia .
Qilu officials were not immediately available for comment.
Jinan Truck said that it was actively seeking support from the government, in a bid to get back the deposits, and that the scandal will not impact its operations or cashflow, the company said in a statement to the Shenzhen Stock Exchange.
Qilu Bank, based in the eastern province of Shandong, was being investigated for its part in a commercial paper fraud of up to 1.5 billion yuan ($227 million), Caing magazine reported on Jan 4. [ID:nTOE70304N] ($1=6.66 Yuan)