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

Chinese sovereign wealth fund mismanaged investments

Posted on 19 June 2014

China Investment Corp failed to conduct adequate due diligence on overseas investments which led to losses, the mainland’s auditor finds. The mainland’s US$575 billion sovereign wealth fund mismanaged some of its overseas investments between 2008 and last year that led to losses, the National Audit Office said yesterday without specifying the size of the loss.
It said some employees of China Investment Corp (CIC) did not conduct adequate due diligence before investing in 12 overseas projects in the past six years. And they subsequently also failed to track the performance of those investments, it said………………………………….Full Article: Source


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