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People's Daily Online>>China Politics

CPC regulates state company leaders

(Xinhua)

08:00, March 27, 2012

BEIJING, March 26 (Xinhua) -- The disciplinary body of the Communist Party of China (CPC) issued rules Monday to regulate the conduct of state-owned enterprise leaders, strictly banning them from insider trading and violating accounting rules.

The regulations specify punishments for various types of misconduct, in order to "correctly deal with" violations of CPC discipline and "uphold integrity" in state-owned enterprises, according to a circular from the CPC Central Commission for Discipline Inspection (CCDI).

State-enterprise leaders who embezzle state assets, ask for or receive bribes or illegally deal with state assets in order to seek profits for themselves and others, will be given a warning, removed from their posts, or have their party membership stripped, the rules say.

State-enterprise leaders are banned from seeking profits for themselves or others by using the advantage of their enterprises.

The rules state that they are forbidden to seek profits for themselves, spouses, children or "special parties" by using "inside information, commercial secrets, enterprises' intellectual property rights and business channels" during the listing, restructuring and additional stock issuance of their companies.

Those who "fabricate accounting reports," register new companies overseas, invest, buy shares or purchase real estate using their enterprises' capital but under the name of their own or others, will also face termination of their party membership, the rules say.

The rules say those who force accountants to violate financial disciplines, seek profits from related or partner companies, and purchase houses or cars at much-lower-than-market prices or sell them at much-higher-than market prices, will also be punished accordingly.

Other illegal acts for state-enterprise leaders include holding unauthorized positions in other enterprises or institutions, misappropriating commissions, cash gifts or premiums belonging to enterprises, entrusting, leasing or contracting state assets to their spouses, children or other "concerned parties," allowing family members and those concerned to invest in the leaders' companies, and offering opportunities to family members and those concerned in business by using authority.

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