(June 24): China’s top auditor reported to the legislature about government spending and issues uncovered at some of the nation’s top financial institutions — an account that is provided to lawmakers annually.
Hou Kai gave the findings to the legislature on Tuesday and they have been posted on the National Audit Office’s website. Details in the report included:
Bank of China Ltd evaded some 2.37 billion yuan of taxes from 2023 to 2025 and improperly profited from preferential policies related to public mutual funds.
Agricultural Bank of China Ltd extended 11.1 billion yuan of loans from 2021 to 2025 to farmland projects that did not qualify as high-standard. Some of the loans were used for unauthorised purposes, such as wealth management investment and debt repayment.
China Everbright Group Ltd failed to exercise decision-making control over some units and lacked oversight of some subsidiaries.
Representatives for the three institutions could not immediately be reached for comment outside normal business hours Wednesday evening.
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