--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Film in China
War on Poverty
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar


Hot Links
China Development Gateway
Chinese Embassies

Official Arrested for Causing Great Losses

Zhao Shuangju, former director of the Beijing Municipal Power Supply Bureau, has been arrested for a huge loss in State funds. The arrest was approved by local prosecutors, local media said.

Zhao, 64, who held the position for 13 years until 1999, was charged to have caused a loss of 457 million yuan (US$55 million) for the state-owned Beijing Power Supply Company in which he was manager.

Zhao's malfeasance was revealed to the public for the first time in a report put forward by Li Jinhua, auditor-general of the State Auditing Administration, to the Standing Committee of the National People's Congress in June.

According to the report, Zhao provided guarantee to the Beijing-based Weikerui Company of 1.1 billion yuan (US$135 million) from 1994-96.

Afterward, as the guaranteed company was on the verge of bankruptcy, a local court required the Beijing Power Supply Company to shoulder part of the compensation responsibilities.

A loss of 457 million yuan (US$55 million) was then caused, sources said.

Sources with the Ministry of Supervision further proved that former officials of the Beijing Municipal Power Supply Bureau illegally invested a special electricity supply fund of 64 million yuan (US$8 million) in the Weikerui Company from 1993 to 1997.

The investment is not able to be recalled.

The power supply bureau also lent 30 million yuan (US$3.6 million) to the Weikerui Company illegally, sources said.

(China Daily September 24, 2004)

SOEs, Chiefs Face Audit Under New Rule
Audits Cut Millions from Project Costs
Guangdong Officials Misused US$24.2 Million
Stop Collusion of Officials
Audits Target Nine Giant SOEs
Audit: US$170 Million Misused in Budget
China to Audit More State-funded Institutions
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright ©China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688