Nationwide audit reveals $93b in book irregularities

PUBLISHED : Saturday, 05 December, 1998, 12:00am
UPDATED : Saturday, 05 December, 1998, 12:00am

Authorities uncovered accounting irregularities involving more than 100 billion yuan (about HK$93.05 billion) in a nationwide audit of 105,600 firms and their subsidiaries earlier this year. Auditors ordered the companies involved in illegal activities to hand over the funds to the state or return funds to their designated use, the People's Daily said yesterday. China Securities said securities brokerages came under the eye of this year's audit, carried out between January and October. Officials audited the accounts of all 88 brokerages, including their 79 subsidiaries and 1,218 securities trading offices.