ICBC faces probe

MADRID: Spanish police on Wednesday searched the Madrid branch of China’s biggest lender ICBC as part of a probe into the suspected laundering of at least 40 million euros ($44.5 million), police said in a statement. The director of the branch and a deputy director were arrested, a source close to the investigation said. The bank is suspected of being used to ‘introduce into the financial system funds earned through the alleged crimes of smuggling, tax fraud and the violation of workers’ rights, allowing the transfer of the funds to China in a way that appeared legal’.