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Massive debts, embezzlement found in high-speed rail project
By Zha Minjie |
March 19, 2012, Monday
|
Online Edition
Online Edition
THE State Auditing Administration revealed today that the Beijing-Shanghai High Speed Rail project owed some 8.2 billion yuan (US$1.3 billion) to 656 material suppliers and 1,471 construction contractors.
Its report also showed that 491 million yuan of funds for land acquisition had been appropriated by local governments along the line.
The report noted that the project showed improvement in safety control, quality management, fund management, and technological innovation, but certain aspects, such as materials and equipment tenders, were not conducted according to the rules.
The auditors found bidding process was absent in the purchase of certain materials, involving 840 million yuan.
The high-speed railway was put into service last June. Running 1,318 kilometers through four provinces and three municipalities, it has become a main trunk of China's growing high-speed rail network.
The State Auditing Administration said it examined the accounts of the project last June to September. About 196.2 billion yuan of the project's 217.6 billion yuan of investment had been completed by June last year.
Its report also showed that 491 million yuan of funds for land acquisition had been appropriated by local governments along the line.
The report noted that the project showed improvement in safety control, quality management, fund management, and technological innovation, but certain aspects, such as materials and equipment tenders, were not conducted according to the rules.
The auditors found bidding process was absent in the purchase of certain materials, involving 840 million yuan.
The high-speed railway was put into service last June. Running 1,318 kilometers through four provinces and three municipalities, it has become a main trunk of China's growing high-speed rail network.
The State Auditing Administration said it examined the accounts of the project last June to September. About 196.2 billion yuan of the project's 217.6 billion yuan of investment had been completed by June last year.
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