【英语中国】中国主权财富基金被指管理不力 CIC under fire over losses on foreign bets

  • A+
所属分类:双语中国

2014-6-19 07:01

小艾摘要: China Investment Corporation, the world’s fourth largest sovereign wealth fund, has been accused by the country’s top auditor of mismanagement, dereliction of duty and poor due diligence just seven ...
CIC under fire over losses on foreign bets
China Investment Corporation, the world’s fourth largest sovereign wealth fund, has been accused by the country’s top auditor of mismanagement, dereliction of duty and poor due diligence just seven years after its inception.

The National Audit Office said CIC – an investor in big US financial institutions such as Blackstone and Morgan Stanley – had incurred unquantified losses on overseas investments due to this mismanagement.

CIC, which has $650bn in assets under management, has made $200bn in investments around the world since it was set up in 2007 to earn higher returns on the country’s burgeoning foreign exchange reserves. In Britain it has taken stakes in high-profile assets such as London’s Canary Wharf.

The auditor did not specify the size of CIC’s losses or which overseas investments had problems. It also refused to reveal the scope of its investigation when asked by the Financial Times.

However, the report found that between 2008 and 2013, CIC made 12 overseas investments that faced losses or potential losses because of “dereliction of duty, inadequate due diligence, a lack of post-investment management and other problems”.

Some other investments suffered from irregularities in the hiring of external managers.

One senior financial official familiar with the matter said that the fund’s internal management was in a mess and many of its investments were likely to run into difficulties because of mismanagement.

The auditor said it had passed evidence of suspected crimes and violations of Communist party discipline at CIC to “relevant departments” for further investigation. This will not necessarily lead to an official inquiry, however. The auditor conducts numerous investigations each year and often finds legal and regulatory violations that are never mentioned again.

The auditor yesterday also found that Bank of China and Agricultural Development Bank, a state lender tasked with supporting Beijing’s rural development policies, had issued billions of renminbi of “irregular” loans.

The report is only supposed to cover the year 2012 and will not be seen as an indictment of the CIC’s chairman, Ding Xuedong, who took over a year ago.

However, it could prove em-barrassing to Lou Jiwei, China’s reformist finance minister, who was the fund’s chairman from 2007 until last March.

CIC did not respond to re-quests for comment yesterday.

The report was more specific about problems discovered in CIC’s domestic operations. It scolded several Chinese financial institutions owned by the fund for concentrating on real estate investments in violation of government directives.

It also said CIC’s main domestic subsidiary lost Rmb1.26bn in potential investment gains in 2011 by selling its holding in a Chinese securities company at cost price without conducting an asset appraisal.

全球第四大主权财富基金中投公司(CIC)在成立7年后被中国国家审计署指责存在管理不力、失职和尽职审查不善。

国家审计署表示,由于管理不力,中投的海外投资蒙受数额不明的损失。中投是黑石(Blackstone)和摩根士丹利(Morgan Stanley)等美国大型金融机构的投资者。

中投管理的资产达6500亿美元,自2007年成立以来,它在全球范围内投资2000亿美元,以求为中国不断增加的外汇储备获得更高的回报。中投在英国投资了一些引人注目的资产,如伦敦的金丝雀码头(Canary Wharf)。

审计署未说明中投的损失规模,也没有说明哪些海外投资出现了问题。在回应英国《金融时报》的问题时,它也拒绝透露调查的范围。

但报告发现,由于“管理人员失职、尽职调查不深入和投后管理不到位等问题”,中投在2008年至2013年期间进行的12笔投资面临损失或潜在损失。

其他一些投资存在选聘外部管理人员不够规范的问题。

一位熟悉情况的高级金融官员表示,中投的内部管理混乱,许多投资可能因为管理不力而陷入困境。

审计署表示,它将中投涉嫌犯罪和违反党纪行为的证据移交“有关部门”,供进一步调查。但这不一定会引起官方调查。审计署每年进行多项调查,经常发现违反法律和监管法规的行为,但这些问题之后再也未被提及。

审计署昨天还发现,中国银行(Bank of China)和中国农业发展银行(Agricultural Development Bank of China)“违规”发放了数十亿人民币的贷款。国有的中国农业发展银行负有支持政府的农村发展政策的使命。

报告范围仅覆盖2012年,不能将它视为对中投董事长丁学东的指控,因为丁学东一年前才上任。

然而,报告可能令中国的改革派财长楼继伟难堪。楼继伟在2007年至去年3月间担任中投董事长。

中投昨日未回应记者的置评请求。

报告更详细地说明了中投国内业务呈现的问题。它指责中投拥有的几家中国金融机构违反政府指令,大量投资房地产。

它还表示,中投在国内的主要子公司在2011年未进行资产评估,以成本价转让一家中国券商的股份,损失了12.6亿元人民币的潜在投资收益。

译者/何黎

本文关键字:双语阅读,小艾英语,双语网站,双语中国,实时资讯,互联网新闻,ERWAS,行业解析,创业指导,营销策略,英语学习,可以双语阅读的网站!
  • 我的微信
  • 扫一扫加关注
  • weinxin
  • 微信公众号
  • 扫一扫加关注
  • weinxin

发表评论

:?: :razz: :sad: :evil: :!: :smile: :oops: :grin: :eek: :shock: :???: :cool: :lol: :mad: :twisted: :roll: :wink: :idea: :arrow: :neutral: :cry: :mrgreen: