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August 22, 2009

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SASAC to probe bribery at SOEs

THE State-owned Assets Supervision and Administration Commission is highly concerned over the transnational bribery case involving several state-owned enterprises, and has established a group to investigate the case, said an official with the administration yesterday, who declined to be named.

Control Components Inc, a California-based valve maker, is believed to have bribed officials in several Chinese state-owned enterprises.

According to a statement issued by the United States Department of Justice on July 31, the alleged corrupt payments were made to officials at six SOEs -- Jiangsu Nuclear Power Corp, Guohua Electric Power, China Petroleum Materials and Equipment Corp, PetroChina, Dongfang Electric Corp, China National Offshore Oil Corp.

The Global Times said on Thursday that three more Chinese firms were involved in the bribery case -- Datang Power, Dingzhou Power and China Resources Power Holding Co.

The SASAC has ordered the involved enterprises to conduct internal investigations and report the results at the earliest possible time.

According to the US department statement, CCI admitted that from 2003 through 2007, it made 236 payments in violations of the Foreign Corrupt Practices Act and the Travel Act in more than 30 countries, which gave the company a net profit of around US$46.5 million from sales related to the corrupt payments.

The US firm entered guilty pleas in the Central District of California, Santa Ana Division. As part of the plea agreement, the company agreed to pay a fine of US$18.2 million.

CNOOC, Dongfang Electric and Guohua Electric Power have denied involvement in the bribery case after internal investigations.


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