Tuesday, November 07, 2006
The mafia bank took its own customers' savings, then had the customer who dare to ask his money back jailed for 29 months. After serving his jail time, the customer sued the mafia bank in the mafia court. While acknowledging that the bank took the money, the mafia judge presiding the case announced that the mafia is not liable for the lost of money.
The mafia bank is the Agricultural Bank of China, and the mafia court is The Intermediate People's Court of Jiaozuo of the Henan Province. The customer's name is Li Zhizheng. The case is now in the appeal process in the Superior Bank of Henan Province.
The mafia bank, aka The Agricultural Bank of China is the second largest bank in China, with assets of $605 Billion by the end of 2005. It has branches in mainland China, Hong Kong and Singapore.
The moral of the story? The Agricultural Bank of China is going IPO soon. Better grab some, a mafia bank will never loose money in a mafia nation. However, better not to put your life savings in it too.