On January 12, a public statement of administrative penalty information disclosed on the official website of the China Banking and Insurance Regulatory Commission showed that the Shaoxing Branch of Guangfa Bank Co., Ltd. was fined 1.1 million yuan by the Shaoxing Branch of the Banking and Insurance Regulatory Commission for failing to review the issuance and payment of fixed asset loans; inadequate post-loan inspections; misappropriation of loan funds and transfer of unit time deposits.

The penalty information also pointed out that Mr. Chen was directly responsible for the failure of the Shaoxing Branch of Guangfa Bank Co., Ltd. to review the issuance and payment of fixed asset loans; Huang X was directly responsible for the failure to inspect the shaoxing branch of Guangfa Bank Co., Ltd. after the loan, and the misappropriation of loan funds and the transfer of time deposits of units.

Based on this, the Shaoxing Supervision Branch of the Banking and Insurance Regulatory Commission gave warnings and penalties to Chen X and Huang X, the responsible persons involved in the violations of the Shaoxing Branch of Guangfa Bank Co., Ltd. respectively. (Article | Author of "Finance and Economics" Weekly, Tang Guo)