Economy
Poor management costs China's central SOEs billions
By Zhao Chunzhe (chinadaily.com.cn)
Updated: 2009-12-31 15:44
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Thirteen central enterprises in China lost about 6.3 billion yuan ($922 million) in 2008 due to misconduct and poor management, and 2.8 billion yuan ($410 million) cannot be recovered, according a new report from the National Audit Office of the People's Republic of China.
The National Audit Office report stated that 2.6 billion yuan ($380 million) had been recovered by the end of November. In the wake of the findings, 1,125 rules and regulations were amended, 31 people were arrested and 91 people were reprimanded, according to the report.
The audit office also found that 13 enterprises misrepresented 1.2 billion yuan ($175 million) in profits and 967 million yuan ($141 billion) in assets, and that 5.3 billion yuan ($776 million) in profits and 5.8 billion yuan ($849 million) in assets were not reported.
