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Tuesday, 30 December 2008
Mainland’s Top Audit Agency to Check Offices, Companies in Hong Kong
The country’s top auditing agency would next year examine how the central government’s agencies and mainland-funded companies in Hong Kong managed state-owned assets, auditor-general Liu Jiayi said yesterday.
Mainland’s Top Audit Agency to Check Offices, Companies in Hong Kong
Gary Cheung 30 December 2008
The country’s top auditing agency would next year examine how the central government’s agencies and mainland-funded companies in Hong Kong managed state-owned assets, auditor-general Liu Jiayi said yesterday.
Victor Sit Fung-shuen, a Hong Kong academic with close ties to the mainland, believes the high-profile move by the National Audit Office was prompted by the central government’s determination to tighten regulation of its Hong Kong-based agencies and mainland-funded firms amid the global financial crisis.
The central government’s liaison office and the Commissioner’s Office of the Foreign Ministry will be included in the audit.
Mr. Liu made the announcement at a two-day national audit meeting in Beijing, which ends today. Xinhua reported that Mr. Liu said safeguarding the country’s external investments and improving the risk control of investments would be priorities for the auditing agency next year.
A spokesman for the National Audit Office said it was empowered to audit all government agencies and state-owned enterprises, including those in Hong Kong.
An official from the central government’s liaison office in Hong Kong said, as a central government agency, it was natural for it to be audited by the national audit office.
A source familiar with the situation said some large mainland-funded firms in Hong Kong had been audited by the office in the past decade.
“It’s not the first time the National Audit Office will have audited mainland-funded firms in Hong Kong. But such a high-profile approach is a bit unusual,” the source said.
Another source said the central government was concerned about possible investment losses suffered by mainland-funded companies in Hong Kong amid the financial crisis and would like to get a better grasp of their funds’ management.
“Beijing also wants to know whether there is any improper use of funds, or false accounts made by mainland-funded firms in Hong Kong,” the source said.
There are about 2,900 mainland-funded companies in Hong Kong with total assets of more than HK$3.6 trillion.
In October, Citic Pacific, a state-owned conglomerate in Hong Kong, disclosed that it faced potential losses of HK$15.5 billion - which it later raised to HK$18.6 billion - from investing billions in Australian dollar accumulator contracts, hoping the currency would continue to rise.
Citic Group, its parent company, later came to the unit’s rescue by buying convertible bonds and assuming about 66 per cent of the accumulator contracts.
Professor Sit, director of Baptist University’s research institute for contemporary China studies, said the global financial crisis underscored the need to step up monitoring of companies.
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Mainland’s Top Audit Agency to Check Offices, Companies in Hong Kong
Gary Cheung
30 December 2008
The country’s top auditing agency would next year examine how the central government’s agencies and mainland-funded companies in Hong Kong managed state-owned assets, auditor-general Liu Jiayi said yesterday.
Victor Sit Fung-shuen, a Hong Kong academic with close ties to the mainland, believes the high-profile move by the National Audit Office was prompted by the central government’s determination to tighten regulation of its Hong Kong-based agencies and mainland-funded firms amid the global financial crisis.
The central government’s liaison office and the Commissioner’s Office of the Foreign Ministry will be included in the audit.
Mr. Liu made the announcement at a two-day national audit meeting in Beijing, which ends today. Xinhua reported that Mr. Liu said safeguarding the country’s external investments and improving the risk control of investments would be priorities for the auditing agency next year.
A spokesman for the National Audit Office said it was empowered to audit all government agencies and state-owned enterprises, including those in Hong Kong.
An official from the central government’s liaison office in Hong Kong said, as a central government agency, it was natural for it to be audited by the national audit office.
A source familiar with the situation said some large mainland-funded firms in Hong Kong had been audited by the office in the past decade.
“It’s not the first time the National Audit Office will have audited mainland-funded firms in Hong Kong. But such a high-profile approach is a bit unusual,” the source said.
Another source said the central government was concerned about possible investment losses suffered by mainland-funded companies in Hong Kong amid the financial crisis and would like to get a better grasp of their funds’ management.
“Beijing also wants to know whether there is any improper use of funds, or false accounts made by mainland-funded firms in Hong Kong,” the source said.
There are about 2,900 mainland-funded companies in Hong Kong with total assets of more than HK$3.6 trillion.
In October, Citic Pacific, a state-owned conglomerate in Hong Kong, disclosed that it faced potential losses of HK$15.5 billion - which it later raised to HK$18.6 billion - from investing billions in Australian dollar accumulator contracts, hoping the currency would continue to rise.
Citic Group, its parent company, later came to the unit’s rescue by buying convertible bonds and assuming about 66 per cent of the accumulator contracts.
Professor Sit, director of Baptist University’s research institute for contemporary China studies, said the global financial crisis underscored the need to step up monitoring of companies.
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每天晚上有我陪着你
爱你在心里我从未提起
在此刻我要告诉你
没有钱你会爱我吗
简单的一句话
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我愿做个傻瓜
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简单的一句话
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我愿做个傻瓜
没有钱你会爱我吗
真心的一句话
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我想听听你的回答
没有钱你会爱我吗
我想听听你的回答
没有钱你会爱我吗
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