• Spain's news in English
 
app_header_v3
Spain holds six officials of ICBC for 'money laundering'
A man being arrested during the February 17th "Shadow" police operation against China's biggest lender, Industrial and Commercial Bank of China (ICBC). Photo: Pedro Armestre/AFP

Spain holds six officials of ICBC for 'money laundering'

AFP · 20 Feb 2016, 12:00

Published: 20 Feb 2016 12:00 GMT+01:00

They were detained overnight and while three of them can be freed if they post bail of €100,000 ($111,000) each, the others will remain in custody for the time being, the Madrid appeals court said.

The suspects were arrested on Wednesday at the bank's central Madrid branch as part of a probe into the suspected laundering of at least €40 million.

They were questioned from Friday afternoon through to early Saturday.

The Industrial and Commercial Bank of China is accused of allowing traders to move money earned through smuggling and tax fraud out of the country, to China, "in a way that appeared legal", Spanish police said in a statement.

Spanish prosecutors said the employees were being sought for "economic crimes" but did not elaborate.

The raid was a follow-up to an operation last year that targeted Madrid-based Chinese syndicates suspected of importing huge amounts of goods from China without declaring them, to avoid duties and taxes.

The groups allegedly deposited the proceeds in ICBC accounts, with the lender accused of sending the funds to China without checking their origin as required by law.

ICBC is the world's largest bank by market capitalisation. It entered the Spanish market in January 2011 with the inauguration of its branch in Madrid.

A year later it opened a second branch in Barcelona.

The Chinese lender's foreign operations accounted for about 10 percent of its total assets at the end of last year.

For more news from Spain, join us on Facebook and Twitter.

Your comments about this article

Today's headlines
Summer jobs bring Spanish unemployment to six-year low
Spain's tourism boom creates summer jobs. Photo: AFP

Spain's jobless rate slipped to 20 percent in the second quarter of 2016, as the tourism boom provided much needed seasonal work.

Weather
Heatwave continues and then Spain's set for sand storms
Keeping cool in a Madrid fountain. Photo: AFP

Across Spain, 22 provinces are on alert for extreme heat as temperatures soar to above 42 C.

Spanish parents fight for right to name their son 'Wolf'
Is wolf a suitable name for a boy? Photo: AFP

New parents Ignacio and Maria are furious after being told that "Lobo" - meaning Wolf – was not an appropriate name for their newborn son.

Stolen Dali masterpiece recovered from criminal gang
Dali's Adolescence was recovered in Holland. Arthur Brand / Twitter

A Dali masterpiece stolen seven years ago from a museum in the Netherlands has been recovered by an art detective.

Flamenco queen makes bid for badminton gold for Spain
Carolina Marin danced flamenco before learning badminton. Photo: AFP

Can this former flamenco dancer become the first European to win an Olympic gold in Badminton?

Catalan parliament defies court in independence drive
Photo: AFP

the region to push ahead with its bid to forge a separate state with or without Madrid's approval.

Eleven jailed in stamp scam, one of Spain's 'biggest frauds'

It was one of the biggest scams ever seen in Spain. And it was based around stamp collecting.

Spain escapes fine from EU over excessive deficit
Photo: AFP

The European Commission has backed away from slapping fines on Spain and Portugal for running high deficits, in what would have been a landmark move by the EU to impose tough budget rules.

Spain ups security at tourist spots as terrorism fears grow
A policeman outside Seville's Alcazar. Photo: AFP

A spate of terror attacks carried out by individuals in France and Germany has prompted Spain to boost security at tourist spots.

Air Europa pilots call off four-day strike
Photo: AFP

Good news for those flying with Air Europa as pilots have called off a strike planned for July 30th to August 2nd.

National
7 reasons why grandparents in Spain are simply the best
Travel
Barcelona bans Segways from tourist clogged waterfront
National
Spain pays €300m each year in pensions… to dead people
Sponsored Article
Why Swiss hospitality graduates are in demand
National
Police issue guidelines as Pokémon craze sweeps Spain
Sponsored Article
Why you should attend an international job fair
National
Another dodgy art restoration raises alarm in Spain
National
Watch: Man in wheelchair zooms past Barcelona traffic
National
Woof! How to find dog-friendly beaches in Spain
Sponsored Article
Five things Americans should know about voting abroad
Travel
Tourist sparks bomb scare by locking suitcase to park bench
Sponsored Article
Why expats choose international health insurance
Technology
Five brilliant apps to help improve your Spanish
National
Top ten tricks to survive the Spanish summer
Sponsored Article
Why you should attend an international job fair
Travel
Off the beaten track: 14 best kept travel secrets in Spain
International
Keep calm and wait and see: Advice for expats post-Brexit
Features
Top 10 Spanish treats to keep you cool in summer
Sponsored Article
Why Swiss hospitality graduates are in demand
National
'I've had best time ever' insists American gored in bull run
Health
How to avoid heatstroke when Spain starts to sizzle
International
Champion of expat property rights in Spain awarded gong
National
Scorchio! Heat warnings issued across Spain
National
Brits demand dual citizenship for expats in Spain post Brexit
Sport
Spanish matador gored to death in the ring
Sponsored Article
Why expats choose international health insurance
Lifestyle
Eleven types of men you might typically date in Spain
National
Spanish police rescue British teen trapped by dad in house for two years
Features
Seven burning questions for British expats about Brexit
Technology
Six free apps to simplify your summer in Spain
3,317
jobs available