Audit uncovers rule violations by ICBC, Citic

ICBC and the Citic Group were found to have violated several financial regulations in a routine audit by the National Audit Office.

In 2010, the two companies broke rules on providing credit services, including granting loans to under-funded property projects and local government financing platforms, as well as providing bill discounting services to falsified trade contracts.

The audit office said the two companies had chaotic financial management, adding that some of their loans were  misused by their clients.

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