Lubin Wang, former CEO of Industrial and Commercial Bank of China (Canada) (ICBK), is suing for $3 million for wrongful dismissal, alleging he was fired by ICBC officials in Beijing for trying to comply with Canadian laws aimed at preventing foreign interference and money laundering. He claims he faced threats, pressure to disregard Canadian regulations, and experienced extreme stress and health issues.
Former ICBK chief alleges China’s largest bank fired him over efforts to comply with Canadian laws
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TL;DR: Key points with love ❤️Lubin Wang, former CEO of Industrial and Commercial Bank of China (Canada) (ICBK), is suing for $3 million for wrongful dismissal, alleging he was fired by ICBC officials in Beijing for trying to comply with Canadian laws aimed at preventing foreign interference and money laundering. He claims he faced threats, pressure to disregard Canadian regulations, and experienced extreme stress and health issues.
Trending- 1 August 2021: Lubin Wang starts as ICBK President and CEO
- 2 July 1, 2023: Wang signs a new employment contract (to expire March 28, 2028)
- 3 2023: Federal government passes Bill C-47
- 4 2024: OSFI publishes a new Integrity and Security Guideline for financial institutions
- 5 March (unspecified year, prior to lawsuit): The Globe reported ICBK repeatedly broke money-laundering rules
- 6 October 26, 2024 - November 4, 2024: An extensive 'PRC audit' of the Canadian bank is conducted
- 7 Early December 2024: Practices of passport seizure and remote meeting attendance continued until this time
- 8 January 2, 2025: Wang is required to attend a three-week leadership training program in Beijing (declined)
- 9 January 5, 2025: A senior executive at ICBC informs Wang he is being removed from his post
- 10 January 8, 2025: ICBK's chairman instructs Wang to announce his 'voluntary resignation'
- 11 January 13, 2025: Wang is placed on a paid administrative leave of absence
- 12 January 27, 2025: Deadline for Wang to resign, return to China, and accept a new role (refused); he was allegedly terminated
- 13 June 6: Lubin Wang files a wrongful-dismissal lawsuit in the Ontario Superior Court of Justice
- Lawsuit filed by Lubin Wang for wrongful dismissal, seeking $3 million in damages
- Allegations of foreign interference in Canadian financial institutions
- Increased scrutiny on foreign-controlled banks in Canada
- Wang experienced extreme stress, anxiety, and acute health issues
What: Lubin Wang, former president and CEO of ICBK, filed a wrongful-dismissal lawsuit alleging he was fired for attempting to comply with Canadian laws and regulations aimed at preventing foreign interference and money laundering, facing pressure and threats from ICBC officials in China.
When: The lawsuit was filed on June 6. Wang's employment contract was to expire on March 28, 2028, but he was allegedly terminated around January 27, 2025. His tenure as CEO began in August 2021. A 'PRC audit' took place from October 26, 2024, to November 4, 2024.
Where: Ontario Superior Court of Justice, Toronto, Canada; Beijing, China. Wang previously held roles in Australia, Argentina, and South Africa.
Why: Wang alleges he was fired because he refused to disregard Canadian laws and regulations and instead intensified efforts to bring ICBK into compliance with new reforms (like Bill C-47 and OSFI's Integrity and Security Guideline), which caused opposition and alleged retaliation from ICBC senior leadership in China.
How: Wang's efforts to reform ICBK's processes and corporate governance led to opposition, a 'PRC audit' where he was questioned and allegedly threatened, and ultimately his dismissal and a directive to relocate to Beijing.