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State-assets watchdog retrieves loss worth 1.25b yuan

(Xinhua)
Updated: 2008-11-01 17:23

China's state assets watchdog retrieved loss worth 1.25 billion yuan ($184 million) in the first eight months this year for the state-funded enterprises.

Jia Fuxing, head for discipline inspection at the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, said the total sum of retrieved funds were related to 485 investigation cases from January to August.

In those cases, 628 leaders or senior officials of the state-funded companies were reprimanded or punished in line with the Communist Party of China codes. Another 17 corrupt officials were under criminal charges, Jia said.

Most cases were about bribe taking, embezzlement and violations on internal finance regulations, said Jia, who did not specify companies which had officials to be punished.

Merging and acquisition, corporate restructuring and assets trading were key areas for the SASAC to focus on during its investigations.

The Enterprise State-owned Assets Law, which was just approved by the national legislature on Thursday rules that violators could not be re-employed by state-owned enterprises even after their punishment.