July 30, 2018 / 8:29 AM / in 3 months

China to punish SOE officials responsible for loss of state assets

SHANGHAI (Reuters) - China will punish officials at government-run firms held responsible for the loss of state-owned assets, the state asset regulator said on Monday.

China’s cabinet, the State Council, said in 2016 that it would take action against managers accused of selling stakes on the cheap or investing in overpriced overseas projects.

The move was expected to put giant government enterprises under more pressure to comply with state guidelines, especially overseas.

In detailed “implementation measures” published on Monday, the State-Owned Asset Supervision and Administration Commission (SASAC) said it would take action against officials who fail to perform their duties and whose actions result in asset losses or “other serious adverse consequences”.

Reporting by David Stanway; Editing by Muralikumar Anantharaman

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