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Audit uncovers 6b yuan in financial fraud

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-02-19 14:15

China's National Audit Office (NAO) has uncovered 20 financial fraud cases involving 6 billion yuan ($877 million) at Chinese financial institutions in 2008, Liu Jiayi, head of NAO, told a press conference hosted by the State Council Information Office in Beijing on Thursday.

Liu said that about half of the 20 cases involved China's top three State-owned banks - Industrial and Commercial Bank of China, China Construction Bank and Bank of China.

The government said at the end of last year that it would step up audits of new projects, State-owned enterprises and financial institutions in 2009 amid the global financial crisis.