China’s state auditor said Friday that it has found irregularities in the operations of the state-owned conglomerate China Resources, including misused funds, improper bidding procedure and failure to seek approvals. The audit also found evidence that some executives were involved in “serious violations of law and discipline.”
The audit results came after the government started investigating the activities of several former executives of the group. The auditor didn’t name or blame any officials.
Earlier, the Communist Party announced a probe into China Resources’ ex-chairman Song Lin, who was stripped of his party and government positions in April. Wang Shuaiting, vice chairman of China Travel Service (Holding) Hong Kong, is also under investigation for activities during his tenure at the company, the Communist Party’s antigraft arm said in May. Neither former official has commented on the probes.
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Liyan Qi, The Wall Street Journal via CHINA US Focus http://ift.tt/1w3mNKv
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