China Investment Corp., the nation’s $575 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 in an e-mailed statement. CIC, as it’s known, will also strengthen due diligence for overseas deals and enhance post-investment management, and standardize the selection of external managers, according to the statement.
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