| Audit report: 10 state companies lose 14.5 billion yuan for bad policy-making |
| Wednesday,June 29,2005 Posted: 09:35 BJT(0135 GMT) Xinhuanet |
BEIJING, June 28 (Xinhuanet) -- An economic responsibility audit of 10 state companies found a loss of 14.5 billion yuan caused by their bad policy-making, said a audit report released by China's National Audit Office (NAO) on Tuesday. The audit report on the central budget implementation in 2004 was submitted to the ongoing session of the Standing Committee of the National People's Congress (NPC) from June 26 to July 1. The NAO launched an economic responsibility audit of bosses of the 10 state companies with a total asset of 1422.1 billion yuan in 2004. Five of them were found fabricating profits of 4.6 billion yuan while the other five hid profits of three billion yuan, according to the audit report. The 10 companies had a total loss of 14.5 billion yuan due to irregularities in policy-making and business operations. In addition, the illegal disposal of state assets also resulted in a 2-billion-yuan loss, said the report. The audit also found nine clues of economic crimes among the 10companies involving 1.6 billion yuan, said the report. 1 US dollar = 8.27 yuan |
| (Source: English Site of Kuching) |
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