Bloomberg News

Standard Chartered Banker Released By Chinese Police

May 25, 2012

Standard Chartered Plc (STAN), the U.K. bank whose pretax profit from China doubled last year, said its employee Wu Yidian Eden was released from police detention in the country.

Wu’s conditions of release included bail of 50,000 yuan ($7,900) and remaining in China for one year, her fiance Jason David Tan said in an interview. The Wall Street Journal earlier reported her release.

The private-bank relationship manager, a naturalized Singapore citizen, had been held since March 6 as part of an investigation of one of her clients, according to Tan. The client had allegedly fled with as much as $50 million embezzled from Agricultural Bank of China Ltd., Tan said in March.

Standard Chartered spokeswoman Ally Lim, who confirmed Wu’s release, said the bank isn’t being investigated and that it couldn’t comment further on Wu’s case as it is part of a continuing investigation by the police.

Wu was held in Jiangyin, a city in coastal Jiangsu province, according to Tan.

To contact the reporters on this story: Stephanie Tong in Hong Kong at stong17@bloomberg.net; Sanat Vallikappen in Singapore at vallikappen@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net


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