China’s premier international development bank has lost one of its five vice-presidents less than nine months after opening its doors for business, according to the institution’s president.
The Beijing-based Asia Infrastructure Investment Bank announced in June that Kyttack Hong, chief risk officer, would take a temporary leave of absence.
Mr Hong, former chairman and chief executive of Korea Development Bank, returned home amid criticism of his record at KDB. Korean auditors have said that Mr Hong failed to adequately supervise KDB-controlled Daewoo Shipbuilding & Marine Engineering, which is under investigation for alleged accounting fraud.
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