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Billions Missing from Public Funds in China
Billions Missing from Public Funds in China

Frauds and embezzlements, it seems, have increased in China manifolds. The year 2009 has seen over 34.4 billion dollars missing from public funds in China.

Luxury and fancies have become an essential part of State company Czars and other top officials in China. Over 230 people, including 67 government officials have been under check by the judicial authorities on the case of these missing funds.

The audit covered 99,000 companies, government agencies and public institutions across the nation.

A report says that out of 234.7 billion Yuan (34.4 billion dollars) missing in the audit, 16.3 billion yuan had already been recovered.

"Embezzlement, waste of money and false fiscal reporting still existed in central departments, despite some improvements", said Liu Jiayi, the country's chief auditor.