The National Audit Office said it had uncovered management failures related to investments at China Investment Corp., the country’s big sovereign-wealth fund, as well as irregular lending and credits at Bank of China and Agricultural Development Bank of China.
China Investment Corp. 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 auditor blamed the losses at CIC on dereliction of duty by management, insufficient due diligence and poor post-investment management. It didn’t provide further details, though it said that CIC and the state banks had largely addressed the problems as of May.
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