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ICBC Froze $185M Mumbai Loans During 2017 Doklam Standoff, Probe Reveals
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Firstpost•21-09-2026, 07:47
ICBC Froze $185M Mumbai Loans During 2017 Doklam Standoff, Probe Reveals
- •China's state-owned ICBC suspended $185 million in approved loans and bond investments at its Mumbai branch during the 2017 Doklam border standoff, according to a global investigation.
- •The bank proactively reduced its exposure to loans and investments as tensions between India and China escalated during the 73-day military face-off.
- •The suspension of 11 transactions, though already approved, led to an estimated $6.36 million reduction in operating revenue for the Mumbai branch.
- •ICBC's Mumbai branch achieved only 57.7% of its profit target for the year, and Communist Party members maintained contact with the Chinese embassy during the crisis.
- •These findings are part of the 'China Capital' investigation by the ICIJ, based on 4.8 million leaked confidential records from ICBC's London branch.
Key Questions Answered
ICBC's Mumbai branch suspended 11 approved loans and bond investments worth $185 million due to rising tensions between India and China during the 2017 Doklam border standoff, according to an internal work summary.
The internal report estimated that suspending the $185 million in loans and bond investments reduced the branch's operating revenue by approximately $6.36 million, leading it to achieve only 57.7 percent of its profit target.
The China Capital investigation is a global project led by the ICIJ based on about 4.8 million confidential records from ICBC's London branch and a UK subsidiary, covering the period from 2005 to 2024.
