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Henan investigates fraud in state car auctions
By Li Qian |
July 17, 2012, Tuesday
|
Online Edition
Online Edition
AUTHORITIES in central China's Henan Province confirmed that they were investigating alleged auction fraud after 43 government cars were sold for well under their combined values of 390,000 yuan (US$61,191) in Zhongmou County.
Violations do exist, but it is hard to verify "malicious conspiracies" in the auction process or to even identify whether an auction is illegal, the Industry and Commercial Bureau of Henan said.
A further investigation performed by the authority and the province's Party disciplinary watchdog is ongoing, the local newspaper Dahe Daily reported today.
Henan Auction Co Ltd, which was entrusted to hold the auction, has published an 8-minute video that documented part of the auction and bidding lists in an attempt to dismiss public suspicion.
According to the lists, 27 of the 43 vehicles, domestic minivans and low-end sedans, were sold for less than 10,000 yuan, the price of 17 of them were even below 5,000 yuan.
A nine-year old Changhe brand minivan was sold for a bargain-basement price of 1,600 yuan, the lowest price at the auction.
But the bidders' complete information hasn't been published.
Zhong Lei, a registered auctioneer as well as executive from the Henan Zhongdaxin Appraisal Co Ltd which estimated the 43 cars' value at 255,300 yuan, hasn't made any response.
Violations do exist, but it is hard to verify "malicious conspiracies" in the auction process or to even identify whether an auction is illegal, the Industry and Commercial Bureau of Henan said.
A further investigation performed by the authority and the province's Party disciplinary watchdog is ongoing, the local newspaper Dahe Daily reported today.
Henan Auction Co Ltd, which was entrusted to hold the auction, has published an 8-minute video that documented part of the auction and bidding lists in an attempt to dismiss public suspicion.
According to the lists, 27 of the 43 vehicles, domestic minivans and low-end sedans, were sold for less than 10,000 yuan, the price of 17 of them were even below 5,000 yuan.
A nine-year old Changhe brand minivan was sold for a bargain-basement price of 1,600 yuan, the lowest price at the auction.
But the bidders' complete information hasn't been published.
Zhong Lei, a registered auctioneer as well as executive from the Henan Zhongdaxin Appraisal Co Ltd which estimated the 43 cars' value at 255,300 yuan, hasn't made any response.
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