China Capital investigation: ICBC Mumbai suspended $185 million in loans during 2017 Doklam standoff
In January 2018, ICBC's Mumbai branch formally documented the impact of the 2017 Doklam standoff between Indian and Chinese troops. The bank's confidential report revealed that the ongoing geopolitical tension resulted in the suspension of $185 million in loans and bond investments totaling $185 million. This measure was taken to minimize economic risk during the crisis.
Additionally, ICBC's Mumbai branch organized Chinese Communist Party members throughout the branch to maintain contact with China's embassy and consulate during the standoff. The internal report also noted a decline in profit targets, with the Mumbai branch meeting just 57.7% of the profit goal set by ICBC's Beijing headquarters for that year.
Written by urgent.news from The Indian Express's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
