Hong Kong bank fraud losses may top $500 million.
Authorities investigating Overseas Trust Bank, which the Hong Kong government has taken over, said estimates of losses from unauthorized loans and elaborate overdraft transactions continue to rise. A number of former bank officers are targets of the investigation, which has sent tremors though the investment and banking communities in Southeast Asia. In a bid to restore calm, Hong Kong Commissioner of Banking Robert Fell said there weren’t signs of any problems among the colony’s other banks.
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