BIZCHINA> Top Biz News
$394m farm fund misused in 2007: NAO
(China Daily)
Updated: 2009-05-21 09:52

Related readings:
$394m farm fund misused in 2007: NAO No major problem found in stimulus fund use: NAO
$394m farm fund misused in 2007: NAO $6.6b to fund rural roads promise
$394m farm fund misused in 2007: NAO Fund manager denies he's a Chinese Madoff
$394m farm fund misused in 2007: NAO $10b infrastructure fund planned
Ten regions misused 2.69 billion yuan ($394 million) from an agriculture fund in 2007, of which 58 million yuan was spent on building houses and buying cars, the National Audit Office (NAO) said Wednesday. The money was taken out of a 350-billion-yuan special fund designated to accelerate agricultural development.

Apart from misused funds, about 4.6 billion yuan was mismanaged, the NAO said.

The 10 violators are: Henan, Gansu, Shanxi, Heilongjiang, Jiangsu, Hunan, Fujian and Shaanxi provinces, the Inner Mongolia autonomous region and Chongqing municipality.

 


(For more biz stories, please visit Industries)