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Under-suspicion children's charity counters allegations with audit


11:23, December 15, 2012

BEIJING, Dec. 14 (Xinhua) -- A children's charity suspected of money laundering announced on Friday that it had provided a bank statement of its cash flow in 2011 to a third-party auditing agency, in the hope of clearing itself of public suspicion.

The results of the audit will be disclosed next week, according to a statement issued by the China Charities Aid Foundation for Children (CCAFC).

The controversy emerged after political pundit Zhou Xiaoyun posted the financial statement of the 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.

In response to the criticism, the CCAFC publicly apologized on Tuesday, attributing the disputed cash flow to an accounting mistake regarding other monetary assets, and uploaded a statement detailing the movement of other monetary assets on its official website as evidence.

Jiang Ying, a representative for the CCAFC, told Xinhua earlier this week that a serious accounting mistake was to blame for the controversy.

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