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China Bank Account Freeze Controversy: Authorities Reveal Latest Reimbursement Plan, Three Officials Now Under Investigation

In a move seen as an attempt to pacify protesting bank clients, Chinese authorities in Henan province announced their latest repayment plan which sees customers with deposits ranging between $14,827 and $22,240 qualify for reimbursement. In addition, authorities said two unnamed officials from the province are being investigated for allegedly violating the law.

Authorities in China’s Henan province have reportedly announced plans for another round of repayments to clients of rural banks whose bank accounts have been frozen since April. The repayments program is set to start on August 1 and according to an arrangement put forward by authorities, only clients with deposits that range between 100,000 yuan ($14,827) and 150,000 yuan ($22,240) qualify to receive a reimbursement.

While Chinese authorities have not directly commented on the protests, a statement reportedly issued by the China Banking and Insurance Regulatory Commission (CBIRC) suggested that two officials, one from its Henan province office and another from a sub-office, were under investigation for violating the law.

In addition, the Central Commission for Discipline Inspection in Henan also announced that it is now investigating an official charged with overseeing financial stability at the central bank’s office in the provincial capital, Zhengzhou. The unnamed official faced charges of serious disciplinary violation, the report said.

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