Companies

Three Gorges vows to rectify financial issues

(Xinhua)
Updated: 2011-05-23 09:57

YICHANG -- China's largest hydropower producer said on Sunday that it will take further steps to rectify financial problems that were uncovered during a recent audit.

China Three Gorges Corp (CTGPC), which operates and manages the world's largest hydropower project, the Three Gorges Dam, confirmed the audit's findings and said it is taking measures to improve its management.

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The National Audit Office (NAO), the country's primary auditor, released audit findings on May 20 for 17 central State-owned enterprises. The findings indicated that some of the companies, including the CTGPC, are having financial problems.

"The audit findings released by the NAO are a true reflection of our company's problems and will be helpful in regulating corporate management and guarding against operational risks," said Sha Xianhua, vice-manager of the CTGPC.

According to Sha, the NAO audit report pointed out 31 financial issues related to accounting, financial management, investment, bidding and corporate management in the company.

"Ten of the problems mentioned in the audit findings have already been rectified, and we are still working on the other problems," Sha said.

Sha said his company will draw lessons from the audit and continue to improve the company's management.