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Home >> China
UPDATED: 08:24, August 31, 2005
Officials ordered to withdraw investment in coalmines
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The authorities have ordered government officials and state company leaders not to hold stock or invest money in lucrative coalmines, in an effort to curb industrial accidents and rampant corruption.

Four central departments jointly issued a circular to this effect Tuesday, urging local government departments concerned to be fully aware of the importance and urgency of the effort to deal with the problems and shut down all kinds of illegal coalmines.

All those who have invested in coalmines must withdraw their money by September 22 and local departments concerned are ordered to report about the results by September 25.

The authorities will open hotlines to receive tips about officials who own shares in a coalmine. Officials who refuse to withdraw from the coal industry will be first removed from their positions and then brought to disciplinary or judicial judgement, if they are discovered to still invest in coalmining.

But the order says that it is legal for officials to buy coal company's shares from the stock market by legal means. .

Source: Xinhua

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