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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

China Audit Found Irregularities at Wealth Fund, Two State Banks

Posted on 19 June 2014

China’s government auditing agency said Wednesday that last year it found financial irregularities at two big state banks and the nation’s sovereign-wealth fund and that all three need to tighten their management.
The National Audit Office said it had uncovered management failures related to investments at China Investment Corp., the country’s sovereign-wealth fund, as well as irregular lending at Bank of China Ltd and Agricultural Development Bank of China.The auditor said that CIC and the state banks had largely addressed the problems as of May………………………………….Full Article: Source


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