Friday, October 31, 2014   




Auditor blames CIC

Thursday, June 19, 2014

Mismanagement at China Investment Corp, the nation's US$575 billion (HK$4.48 trillion) sovereign wealth fund, led to overseas investment losses that could widen, according to the National Audit Office.

A dereliction of duty by managers and inadequate due diligence and post- investment management were identified in 12 investments made abroad by the fund between 2008 and 2013, according to results of an audit conducted last year.

Six of the deals were unprofitable, four of them had unrealized losses, and two may potentially lose money. The report released yesterday did not name the investments or disclose their size.

ADVERTISEMENT

Auditors also found that CIC's domestic unit, Central Huijin Investment, lost 1.26 billion yuan (HK$1.57 billion) in potential investment gains in 2011.

REUTERS


© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.