Article Review #1 - China Airs Some Very Dirty Laundry by Chen Wu of BusinessWeek Online (article date - 6/28/2004)
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BUS 545 International Business Dr. Chapman International Business Article Reviews Submitted by: Aaron Rogers On: July 6, 2004 Article Review #1 - China Airs Some Very Dirty Laundry by Chen Wu of BusinessWeek Online (article date - 6/28/2004) According to a June 28th BusinessWeek online article, China's Auditor General Li Jinhua surprised lots of people by uncovering billions of dollars of embezzlement and monetary losses due to investment mismanagement and fraud in a recent annual report to the Chinese legislature. While the accusation came as no surprise, what was surprising was the level of corruption and the state-owned enterprises to which most of the corruption charges belonged. Of the organizations that exhibited the most fraud were the state-owned Industrial & Commerce Bank of China, China Life (parent of NYSE listed China Life Insurance), The Bank of Communication, China State Power, 41 different state agencies, and the General Administration of Sports. To summarize some of the findings, at the ICBC...

