State-owned enterprises under fire over excessive spending
Print Edition
China’s chief graft-buster has criticized nine state-owned enterprises for breaching anti-graft regulations, listing a string of problems from traveling on public funds to stealing state assets.
Leaders of the nine SOEs, including the China National Petroleum Corporation, were scolded for lacking of awareness of conforming by Party disciplines and rules, nepotism and forming cabals by employing family members or acquaintance, according to a statement from the Communist Party of China’s Central Commission for Discipline Inspection.
Most of the nine companies have violations such as spending public funds on personal travel, shopping and entertainment, receiving expensive gifts and “chaotic” financial management.
In March, the CCDI began a disciplinary inspection targeting 26 SOEs, mainly the nation’s energy and communication giants and has since published regular inspection results.
The CNPC had never stopped holding back public funds in its “private coffers” after being warned many times, and corruption risks were also found in its overseas investment projects, yesterday’s statement said.
The China Power Investment Corporation, State Nuclear Power Technology Corporation and State Grid had serious problems in projects bidding and material procurement. Some of their leaders abused power and often intervened in such affairs after taking bribes.
Certain units of the State Grid spent huge amounts buying luxury handicrafts and displaying them in their offices, it said.
The China National Offshore Oil Corporation made use of offshore oil resources to seek private profit and certain leaders even worked for other companies while receiving salaries in the company.
The China National Machinery Industry Corporation falsified financial records and gave staff extremely high cash bonuses.
Extravagance and waste problems were prominent in the China Southern Power Grid and China Telecom, the statement said. For the China Mobile, corruption was concentrated on overseas projects, with some leaders forming family cabals to encroach on state assets.
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