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Article: China Tightens Controls on State Cos.
- Article from:
- AP Online
- Article date:
- December 16, 2004
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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ELAINE KURTENBACH, AP Business Writer
AP Online
12-16-2004
Dateline: SHANGHAI, China
China has begun enforcing tighter controls on state-owned companies, warning that those responsible for massive trading losses at government-controlled China Aviation Oil (Singapore) Corp., will be punished.
Singapore authorities began investigating unspecified alleged financial violations after China Aviation Oil, a subsidiary of China's main jet fuel supplier, reported losses of $550 million from betting on the future price of oil.
In a meeting that ended Wednesday in Beijing, Li Yizhong, head of the agency in charge of supervising state assets, warned executives of 186 companies under central government ...