MADRID – A Spanish court has ordered the conditional release of two executives of China’s state-owned ICBC bank in Madrid that were among six arrested in February in a money laundering and tax fraud probe.
The Madrid court said Tuesday only one of the six detained still remains in preventive custody. Three others were allowed out on bail within days of their arrest.
The case has been placed under a secrecy order but police said it was a follow-up on one in 2015 that targeted gangs using the bank to launder to China some 40 million euros ($45 million) proceeding from Chinese-run bargain stores in Spain.
The court said the two ordered released must hand in their passports, stay in Spain and appear before court twice a month.