China’s state auditor uncovered that some of the country’s biggest state-owned companies had falsified documents reflecting their revenues and profits. Data was unveiled in the frame of the anti-corruption campaign in China.
The list of enterprises which falsified revenues and profits in their accounts includes 14 well-known names such as State Grid, China Ocean Shipping Co (Cosco), and China Southern Power Grid. According to the Financial Times, unreported revenue totaled ¥30 billion ($4.8 billion) while unreported income was worth ¥20 billion in 2013.
The revelations came in the auditor’s annual work report summarizing the results of its reviews of government spending as well as state-owned enterprises.
Previous audits exposed problems at China Investment Corporation, the sovereign wealth fund, Bank of China, and Agricultural Development Bank. Over 100 of top company executives have been detained on suspicion of corruption this year.
