ICBC Suspended $185M in Indian Loans During 2017 Doklam Standoff
Internal documents reviewed by The Indian Express show ICBC Mumbai paused $185M in loans during the 2017 Doklam standoff, a move that cost the branch $6.36M in revenue and caused it to miss its annual profit target. These details emerge from a larger ICIJ investigation into ICBC's global operations and its coordination with Chinese diplomatic missions.
The Indian Express has revealed that a confidential internal report from January 2018 confirms the Mumbai branch’s lending freeze resulted in a $6.36 million revenue loss, causing the unit to achieve only 57.7% of its profit targets set by Beijing. The publication also notes that these findings are part of a broader ICIJ investigation involving 4.8 million leaked documents from ICBC’s London operations.
Source: The Indian ExpressInternal documents reveal ICBC's Mumbai branch paused major lending and coordinated with Chinese embassies during the 2017 border crisis.
Source: indianexpress.com
