20.06.2014 - $5b-plus irregularities at China fund, banks
Irregularities amounting to more than $5 billion have been found at China's sovereign wealth fund and two large state-owned banks, according to the state auditor, offering a glimpse into the opaque management of government-controlled firms. China Investment Corporation (CIC), Bank of China and Agricultural Development Bank of China violated regulations in areas including asset selling, loan issuance and fraudulent invoicing, according to the National Audit Office (NAO). "The audit found CIC breached rules on overseas investment and risk control, domestic subsidiaries operation and financial management," the NAO said in a statement...............................................Full Article: Source
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