Date
11 December 2017
Eight state-owned banks, including Industrial and Commercial Bank of China, were found to have lent 375 billion yuan (US$60.17 billion) to companies barred from receiving such loans. Photo: Bloomberg
Eight state-owned banks, including Industrial and Commercial Bank of China, were found to have lent 375 billion yuan (US$60.17 billion) to companies barred from receiving such loans. Photo: Bloomberg

Audit uncovers massive corruption in govt offices, state firms

At least 314 serious cases of “law and disciplinary violations” involving 1,100 people were uncovered following an audit of government finances last year, the official Xinhua News Agency reported.

Most of those involved worked in local and central government offices with administrative approval rights or departments handling major state assets or resources, the National Audit Office (NAO) said in its 2013 audit report to the Standing Committee of the National People’s Congress on Tuesday. The report did not say the status of the cases, or how those involved have been dealt with.

In 31 of the cases, the principal suspects’ family members participated in illegally acquiring assets or resources. Some of the suspects asked for shares in a company instead of cash, while others laundered money under the guise of doing public good, the report said.

Eight state-owned banks, including the Industrial and Commercial Bank of China, were found to have lent 375 billion yuan (US$60.17 billion) to companies barred from receiving such loans.

In another case involving China Investment Corporation and two financial companies, the NA0 found that the suspects illegally provided loans or covered bad loans amounting to 18.3 billion yuan.

The audit office also uncovered 11 cases, involving a combined 80 billion yuan, in which suspects used the internet to swindle money or raise funds illegally, the report said.

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CG

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