Wednesday, October 1, 2014   




Audits hit home at CIC

Friday, June 20, 2014

China Investment Corp, the nation's US$575 billion (HK$4.48 billion) sovereign wealth fund, said it is improving how it manages overseas investments after state auditors said mismanagement led to losses.

The fund has drafted plans to rectify issues identified by the National Audit Office, analyzed the causes, and is amending related mechanisms and procedures, Beijing-based CIC said.

CIC will also strengthen due diligence for overseas deals and enhance post-investment management, and standardize the selection of external managers.

An audit last year found dereliction of duty by managers and inadequate due diligence and management in 12 investments made abroad between 2008 and 2013, leading to losses.

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CIC has dealt with employees responsible for issues regarding the overseas investments, the fund said.

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