Midas: China's National Audit office said yday that it had uncovered more evidence of fraud, waste, mismanagement and irregular accounting and procurement, totalling billions of yuan, at the flagship high-speed Beijing-Shanghai railway.
The report said it had also found evidence of wrongdoing by local governments. It said Jiangning economic development zone in Nanjing applied for land compensation worth 140 million yuan from the railway using false documents, receiving 40 million yuan of payments by end of June 2011. It found that Beichen district government in Tianjin had 340 million yuan in its own accounts instead of being paid promptly in compensation for land procured for the railway.
By the end of May 2011, the railway had 8.251 billion yuan worth of debts owning to 656 suppliers and 1,471 contractors, the National Audit Office said. The former railway minister was removed from his post in early 2011 for "serious discplinary violations".
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