China Plans Audit of Funds After Scandal – FT

From Financial Times:

China will launch a nationwide audit of provincial and city-level social security funds in the wake of the scandal in Shanghai over the alleged misuse of pension monies by senior leaders in the country’s financial centre.

Li Jinhua, the head of the National Audit Office, said the checks would begin in 2007 in an effort to ensure that no other large government pension funds had also been misused, as happened in Shanghai. “As this issue has drawn much public attention, all government departments have launched investigations into these funds,” Mr Li said. “We are planning to start a nationwide audit of social security funds from next year.”

The audit would be restricted to the larger funds, at the provincial and city level, because of the difficulty of going through the thousands of smaller ones operated by counties and below, he said.[Full Text]

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