China’s top anti-corruption watchdog has targeted 26 of the biggest state-owned firms, including telecoms, energy and manufacturing conglomerates, for inaugural inspections this year.
The visits will begin immediately after the Lunar New Year holidays, the Central Commission for Discipline Inspection (CCDI) said in a notice late on Monday.
Designated conglomerates include China Telecom Group Co (中國電信), China National Petroleum Corp (中國石油天然氣), China National Offshore Oil Corp (中國海洋石油) and China National Nuclear Corp (中國核工業集團公司).
“We need to sharpen the ‘Sword of Damocles’ hanging above those in power and use inspections to keep them in awe,” the statement quoted watchdog head Wang Qishan (王歧山) as saying.
Other firms to be visited by antigraft investigation teams are Sinochem Group (中國中化), China Ocean Shipping (Group) Co (Cosco, 中遠集團), China Mobile Communications Corp (中國移動) and Baoshan Iron & Steel Group Co (寶鋼).
The anti-graft body will inspect “all important, backbone, state-owned firms and financial institutions” this year, its Web site said.
The watchdog brought down more than 70 senior officials at state firms last year, Xinhua news agency said yesterday.
Last week, it accused officials at top coal producer China Shenhua Group (神華集團) of taking bribes and manipulating coal prices for personal benefit, according to its Web site. It also found serious violations by executives of power group China Huadian Corp (中國華電集團公司) during takeovers of coal mines and in official appointments, activities that led to large losses.
Bank of Beijing Co (北京銀行) director Lu Haijun (陸海軍) has also been put under investigation.
The anti-graft efforts at state firms coincide with the imminent roll-out of ambitious new guidelines to overhaul China’s inefficient state sector. One key measure is to focus on controlling company insiders and avoiding losses during reforms.
Other firms targeted in the first round of inspections are China Power Investment Corp (中國電力投資集團公司), State Nuclear Power Technology Corp (國家核電技術公司), China Huaneng Group (中國華能集團公司), State Grid Corp of China (國家電網) and China Southern Power Grid Co (中國南方電網).
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