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China publishes last inspection results of 25 SOEs

Updated: Sep 18,2015 9:15 AM     Xinhua

BEIJING — China’s top graft watchdog on Sept 17 published the results of the last four of 25 State-owned enterprises in the latest round of discipline inspection.

Three senior executives of the China General Technology (Group) Holding Co Ltd were found to have taken the advantage of their position to facilitate the business of their family members and other persons of interest, according to a statement published at the website of the Communist Party of China’s (CPC) Central Commission for Discipline Inspection (CCDI).

They have been handed over to the prosecutors, the statement said.

Discipline inspectors also found malpractice and management loopholes in the rest three corporations, China National Machinery Industry Corporation (Sinomach), COSCO Group and China Shipbuilding Industry Corporation (CSIC).

According to reports on other state firms published earlier this week, inspectors found out insider trading, management loopholes and violation of frugality rules.

The inspection has forced the state firms to correct wrongdoings and apply stricter auditing rules and cost control.

China Nuclear Engineering Group Co (CNEC) said it had reclaimed 1.24 billion yuan ($195 million) that had been lent to outside parties by subsidiaries and affiliated companies.

China Huaneng Group, one of China’s largest electric utility enterprises, said new auditing measures had added more than 41 million yuan to its total revenues.

Huaneng also reduced its company car fleet by 233, vacated more than 2,900 square meters of excessive work space and disciplined 13 executives.