State Power audit reveals waste, lawbreaking
24 June 2004
State Power Corp executives cooked the books and misused state assets, Auditor-General Li Jinhua said in his report to members of the National People's Congress Standing Committee. He said the SPC understated revenue in 2002 by RMB 3.2 billion. Li said the corporation sold assets it was not authorized to sell and invested in blind trusts, also illegal. The defunct power monopoly was broken up in 2002. Gao Yan, the executive in charge at the time, reportedly left the country.