Comments: How the Chinese avoided insider fraud for over a millenium - The Chinese Remainder Theorem

Monday, December 26, 2005
CrimeWatch

China babus take $35 bn corruption cake

Beijing, December 26 Chinese auditors have uncovered 290 billion yuan (35 billion dollars) in funds illegally spent by government offices in the first 11 months of this year, state media said here today.

The improper spending was found during a nationwide annual audit of 22,000 officials by the National Audit Office, Xinhua news agency said.

Details were not given but previous findings about misspending involved officials using public funds to build apartments for employees or to give themselves bonuses.

About 196 of the officials were disciplined by their superiors or prosecuted in court, the report said, which cited sources with a National Audit Conference that opened in Beijing today.

The annual audits are an attempt by the government to stem a rising tide of corruption, which is tarnishing the Communist party's image and fuelling ordinary people's anger against the government.

Next year, the audit authority plans to scrutinize some of the branch offices of China's biggest commercial banks, the Bank of China, the Bank of Communications and the China Merchants Bank, Xinhua said.

Corruption is endemic in China and has grown during its economic reform period, threatening the legitimacy of the Communist government, the Organisation For Economic Cooperation and Development said earlier.

URL: http://www.financialexpress.com/latest_full_story.php?content_id=112633

Posted by Jimbo at December 27, 2005 04:40 AM

Wow! this provides me with excellent cocktail party material....and I know that no one will challenge me!

Keep up the good work!

Best Wishes for a Happy Holiday Season & the New Year!

Cheers

Posted by Lyn at December 28, 2005 06:15 AM
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