Tuesday, September 16, 2014   

US $5 bn-plus irregularities at China fund, banks
(06-19 19:07)

Irregularities amounting to more than US$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).--AFP
   
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