| Auditor reclaims US$4.7b misused money in funds |
SHANGHAI, July 19 -- CHINA has reclaimed 35.87 billion yuan (US$4.74 billion) in misused money and passed on 28 cases to police for investigation after tough audits on government departments, its top auditor said yesterday.
The amount includes money returned to central government and that which was returned to its proper usage, the National Audit Office said yesterday on its Website, without giving a breakdown on the figures.
Officials at dozens of state organs invested in projects that had not gained regulatory approval, built fancy office buildings without approval, or used money which should have gone to compensate residents relocated in the Three Gorges dam project, China's top auditor Li Jinhua said in his June annual audit report for 2006.
Bank of China, Bank of Communications and China Merchants Bank have punished 163 bank officials after the auditor uncovered irregularities worth a total of 15.56 billion yuan.
The three banks had issued loans to unqualified property developers or offered individual mortgage loans with unauthorized interest rates, the auditor said.
Lenders can offer up to 15 percent discount on individual mortgage loans. Any discount more than that is considered an irregularity.
The auditing body said 25 government departments have corrected irregularities worth 701 million yuan after the auditor found that 33 departments, including China Customs, misused 859 million yuan in funds last year.
Ninety-two units affiliated to 25 government departments, including the National Development and Reform Commission and the Ministry of Culture, misappropriated 2.75 billion yuan last year.
The NDRC, the country's top planning body, was found to have increased its investment in the country's four oil reserves by 28.5 percent without gaining approval from the State Council. The top planning body reported to the Cabinet after the audit.
The audit authority sent 106 cases that were uncovered in 2005 to police and discipline departments, which led to 94 people being detained, charged and sentenced.
Another 177 received administrative punishments in 2005, the auditor said.
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