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Chinese charity caught in financial statement controversy

By Zhong Qun and Cheng Yunjie (Xinhua)

10:59, December 13, 2012

BEIJING, Dec. 12 (Xinhua) -- A charity foundation for children in China has issued an open apology over an accounting mistake that triggered money laundering allegations, but public confidence in charity has nevertheless been eroded by the affair.

The controversy emerged after political pundit Zhou Xiaoyun posted the financial statement of the China Charities Aid Foundation for Children (CCAFC) onto Sina Weibo, China's Twitter-like microblog service, and raised suspicions it had engaged in money laundering.

Citing the CCAFC's 2011 financial statement, which he said he had acquired legally, Zhou questioned online the whereabouts of around 4.8 billion yuan listed as cash payments.

His claims immediately drew public attention, and the message has been forwarded more than 7,000 times on Sina Weibo. Many voiced their anger and asked the organization to explain the situation to the public.

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