Funds watched after misuse

PUBLISHED : Friday, 04 December, 1998, 12:00am
UPDATED : Friday, 04 December, 1998, 12:00am

The Agricultural Development Bank of China has tightened controls on state grain funds after revelations of massive pilferage and waste, the People's Daily said yesterday. State media in October revealed that 214 billion yuan (about HK$199.16 billion) had gone missing from state grain-purchase funds in the past six years, much of it diverted into real-estate investments or used to buy cars and mobile phones.