 "$815 million embezzled in foreign loan projects in China")
China's national auditing agency has found irregularities to the tune of $815 million in projects funded by foreign aid and loans.
The National Audit Office (NAO) today announced its annual report on foreign loans and aid projects in 2011, surveying 94 projects involving 27.57 billion yuan in foreign funds.
It said that 5.02 billion yuan ($815 million) has been used improperly in projects funded through foreign aid and loans.
It found that 29.27 million yuan (about $4.79 million) was embezzled in four projects.
Fraudulent listings of expenditures, inaccurate financial statements and illegal bidding and subcontracting were among the illegal acts committed, state run Xinhua news agency quoted NAO as saying.
The National Audit Office (NAO) today announced its annual report on foreign loans and aid projects in 2011, surveying 94 projects involving 27.57 billion yuan in foreign funds.
It said that 5.02 billion yuan ($815 million) has been used improperly in projects funded through foreign aid and loans.
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The general situation is good, although some problems remain, the report noted.
It found that 29.27 million yuan (about $4.79 million) was embezzled in four projects.
Fraudulent listings of expenditures, inaccurate financial statements and illegal bidding and subcontracting were among the illegal acts committed, state run Xinhua news agency quoted NAO as saying.
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