Date
26 September 2017
Government auditors have uncovered more than US$1 billion in theft and misappropriation related to a major mainland electricity grid project. Photo: Bloomberg
Government auditors have uncovered more than US$1 billion in theft and misappropriation related to a major mainland electricity grid project. Photo: Bloomberg

Auditors find US$1 bln hole in power grid project books

The National Audit Office claims that more than US$1 billion was misappropriated in less than four months last year in building and running parts of a major mainland power network, the Wall Street Journal reported Monday.

The office said it found 6.7 billion yuan (US$1.1 billion) in theft and irregularities in some contracts for a west-to-east electricity-transmission system, amounting to 16 percent of the value of the contracts in some cases, the report said.

The investigation covered spending last year between April and July, the report said, and indicates that the electricity sector is under scrutiny in the mainland’s two-year-old anticorruption drive.

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