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Jail term for Daewoo founder Kim Woo Choong, the
founder and former chairman of collapsed conglomerate Daewoo, lies
on a wheel bed as he is carried out of Seoul Court Tuesday. The
Seoul court sentenced Kim to 10 years in prison for a range of charges
including embezzlement and accounting fraud. It also ordered Kim,
69, to forfeit more than 21 trillion won ($22 billion) and pay a
fine of 10 million won ($10,600). Kim was indicted in June last
year on charges of multitrillion won accounting fraud, illegal financing
and diverting funds out of the country. He was also accused of embezzlement
and breach of trust. AP
Bank of China has no timetable
for mainland IPO
SHANGHAI—Bank of China, the mainland’s second-largest
lender that’s raised $9.7 billion in an initial public offering
in Hong Kong, has not yet decided on timing for a share listing
on Shanghai’s stock exchange, a bank spokesman said Tuesday.
The bank’s spokesman,
Wang Zhaowen, said there was no concrete timetable for issuing
shares. His comment followed reports in mainland newspapers that
Bank of China plans to sell shares on the Shanghai exchange sometime
in the month after the shares begin trading in Hong Kong on Thursday.
Bank of China’s
Hong Kong IPO is the world’s biggest equity offering since
2000 and China’s biggest ever. The bank earlier said it
plans to list shares denominated in Chinese yuan in Shanghai.
Despite the mammoth
size of the Hong Kong IPO, the government has said it plans to
keep a controlling stake in all major state commercial banks.
Bank of China will sell
between 11 percent and 12 percent of its equity in the Hong Kong
listing, and the state-run newspaper Financial News reported Tuesday
that another 3 percent to 4 percent of equity may be sold on the
Shanghai exchange.
The prospectus for the
bank’s Hong Kong IPO said it will issue a maximum of 10
billion shares in Shanghai, raising not more than 20 billion yuan
($2.5 billion). The Financial News report suggested the Shanghai
IPO may involve only 7.6 billion shares. AP
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