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NAO Cracked Cases of SOEs Violating Laws and Regulations, Worth 100.4-Bn-Yuan
According to a report of the National Audit Office, the statistics through auditing assets and liabilities and Profits and Losses (P&L) of 1,290 state-owned and state holding enterprises in 1999 show that enterprises on the whole have seen obvious economic rebounds and made achievements by shaking off difficulties.
However, there still exist some problems, as the report indicates, such as cases worth 100.4 billion yuan are found violating principles and regulations.
The report points out this should be ascribed to the following three factors: First, huge assets loss and potential deficit of some enterprises. According to the incomplete statistics, the total loss in this aspect is valued at 74.2 billion-yuan. Secondly, false information of assets, liabilities, P&L and accounting. About 68 percent of enterprises are found false with their accounting statements. And thirdly, dodging bank debts, putting up private "treasury" and un-standardized operation in system reform which have caused a total 22.8-billion-yuan loss of state-owned assets. It has also found 78 cases of violating laws with 74 of them handed over to judiciary organs, involving a sum of 1.352 billion yuan.
By PD Online Staff Deng Gang
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