20 central SOEs punished
Updated: 2007-08-03 11:52
Twenty central State-owned enterprises (SOEs) were punished for a handful of various problems, according to a performance evaluation report published by the State-owned Assets Supervision and Administration Commission (SASAC) today, the People's Daily reported.
Eleven central SOEs were demoted in grading scales due to major worksite accidents, and another nine central SOEs were degraded for grave financial management problems.
According to the SASAC, 34 central SOEs were judged "A" grade, the highest rating, in 2006, including China Petroleum & Chemical Corporation, China Mobile, China Ocean Shipping (Group) Company, and Anshan Iron and Steel Corporation Group.
China Railway Construction Corp was degraded from B to C because four major accidents have occurred there recently.
The commission also said that China Shipping (Group) Company has misappropriated bank loans by investing in the equity market and real estate projects.
To avoid risks, the State-owned Assets Supervision and Administration Commission said in a statement on August 1 that central SOEs should report in a timely fashion their major overseas investments and investments in real estate, securities, and insurance.
Statistics show that in 2006, central SOEs in China recorded a total profit of 768.15 billion yuan (US$101.61 billion), up 20.5 percent year on year.
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