China’s state auditor has uncovered falsified revenues and profits in the accounts of some of the country’s biggest state-owned companies, as Beijing broadens its assault on official corruption.
The National Audit Office said on Sunday that 14 state-owned groups, including well-known names such as State Grid, China Ocean Shipping Co (Cosco) and China Southern Power Grid, falsified nearly Rmb30bn ($4.8bn) in revenue and nearly Rmb20bn in profits in 2013.
The revelations came in the auditor’s annual work report summarising the results of its reviews of government spending, as well as state-owned enterprises.
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