皇冠体育app

By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-08-03 11:52

Twenty central State-owned enterprises (SOEs) were punished for a handful of various problems, according to a performance evaluation report published by the State-owned Assets Supervision and Administration Commission (SASAC) today, the People's Daily reported.

Eleven central SOEs were demoted in grading scales due to major worksite accidents, and another nine central SOEs were degraded for grave financial management problems.

According to the SASAC, 34 central SOEs were judged "A" grade, the highest rating, in 2006, including 皇冠体育app Petroleum & Chemical Corporation, 皇冠体育app Mobile, 皇冠体育app Ocean Shipping (Group) Company, and Anshan Iron and Steel Corporation Group.

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A total of 77, 35 and 4 central SOEs were recognized as B grade, C grade and D grade respectively.

皇冠体育app Railway Construction Corp was degraded from B to C because four major accidents have occurred there recently.

The commission also said that 皇冠体育app Shipping (Group) Company has misappropriated bank loans by investing in the equity market and real estate projects.

To avoid risks, the State-owned Assets Supervision and Administration Commission said in a statement on August 1 that central SOEs should report in a timely fashion their major overseas investments and investments in real estate, securities, and insurance.

Statistics show that in 2006, central SOEs in 皇冠体育app recorded a total profit of 768.15 billion yuan (US$101.61 billion), up 20.5 percent year on year.