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

China’s CIC Vows to Improve Management After Irregularities Uncovered

Posted on 20 June 2014

China Investment Corp., the nation’s sovereign-wealth fund, said Thursday that it plans to improve the management of its overseas investments after it was publicly criticized by the government’s auditing agency for a string of irregularities that led to unspecified losses.
China’s National Audit Office said Wednesday that CIC was found to have management shortcomings that resulted in overseas losses on six projects between 2008 and 2012. The extent of the losses wasn’t given. The auditing agency blamed the losses at CIC on dereliction of duty by management, insufficient due diligence and poor post-investment management……………………………………….Full Article: Source


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