InfoAnda - China recovers $1.2 bln embezzled in coal region

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China recovers $1.2 bln embezzled in coal region AFP - 1 hour 37 minutes ago BEIJING (AFP) - - Government investigators have recovered eight billion yuan (1.2 billion dollars) in funds embezzled from northern China's booming coal industry, state press said Sunday. ADVERTISEMENT Nearly 2,500 audits of coal and coking enterprises in Shanxi province, the heartland of China's mining industry, were carriedout during the six-month investigation into corruption, the Shanxi Daily reported. Investigators found about 240 million yuan in unregulated funds set up by individuals, the report said, citing Jin Daoming, who is in charge of the anti-graft drive. The funds were skimmed off and illegally diverted from commercial and tax payments, the report said. It was not clear how many people would be prosecuted, but investigators vowed to carry forward the fight against graft. "Currently we are facing some problems as our work is not being implemented uniformly and leaders in some places are not paying enough attention to our struggle to open up accounts," Jin said. "We need to focus on some cases with a big and shocking nature and severely punish a group of embezzlers." Shanxi launched its anti-corruption drive after a spate of coal mining accidents in the province that also led to scores of small and privately-run mines being shut down. Shanxi coal barons have become some of the richest people in China as the demand for energy has sky-rocketed during 30 years of unprecedented economic growth. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Malaysia cuts foreign worker permits by 70%AFP - 1 hour 14 minutes ago China recovers $1.2 bln embezzled in coal regionAFP - 1 hour 42 minutes ago Macau still worth a gamble: analystsAFP - Sunday, March 15 G20 bridges differences before key finance summitAFP - Sunday, March 15 Related Articles: Business Malaysia cuts foreign worker permits by 70%AFP - 1 hour 14 minutes ago China recovers $1.2 bln embezzled in coal regionAFP - 1 hour 42 minutes ago Vodafone Qatar to launch IPO on April 12Reuters - 1 hour 58 minutes ago OPEC oil cartel set for crucial output meetAFP - Sunday, March 15 Insurance giant AIG to pay $165 million in bonusesAP - Sunday, March 15 Enlarge Photo China recovers $1.2 bln embezzled in coal region Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead Obama program helping US economy: Summers Bailed-out AIG plans bonuses worth millions: report Arrest warrant issued for Lindsay Lohan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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