BEIJING - China's State-owned assets watchdog vowed Friday that punishment will be imposed if ongoing auditing uncovers any illegality at China Resources (Holdings), the Hong Kong-registered conglomerate caught up in accusations of corruption involving state-owned assets.

China Resources is currently being audited, and the State-owned Assets Supervision and Administration Commission will act according to the auditing results, the commission told Xinhua in a brief statement.

The SASAC vowed to severely punish people that are held accountable according to law if any illegal practices and irregularities are found.

In a statement posted on the Internet on Wednesday, a Chinese journalist accused Song Lin, chairman of China Resources, and other senior executives of corruption and wrongdoing that led to the loss of billions of yuan in state-owned assets.