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Shanghai Stock Exchange (SSE), one of China's two stock exchanges, is determined to redouble efforts this year in curbing massive embezzlement that has been plaguing the listed companies in the country.

 

Measures taken to tackle the problem include establishment of a special working group which will be responsible for coordination in cleaning up money embezzlement, working out a chart containing detailed information about the embezzled money of listed companies, and stepping up publicity about progress in this regard, said sources with the SSE.

 

A survey conducted in late 2002 by the China Securities Regulatory Commission (CSRC) of 1,175 listed companies showed that upwards of half of the surveyed companies had suffered losses due to embezzlement by major share holders. Embezzled amounts totaled 96.7 billion yuan (about US$11.92 billion).

 

A research report produced by the Law School of Tsinghua University blamed poor controls or manipulation by the controlling stock holders for the massive money embezzlement.

 

Many listed companies, which first achieved stunning success on the stock market, eventually went bust because of embezzlement by major share holders. In some cases, the listed companies became automatic teller machines for the largest share holders.

 

China has been tightening its supervision over the stock market in the country in recent years.

 

CSRC emphasizes in a document that misappropriation of capital of listed companies is not allowed, demanding all embezzled money be repaid by the end of this year.

 

The document was approved by the State Council, China's highest governing body in November last year.

 

The increasingly tightening supervisory efforts aim to standardize the operation of the stock exchanges and prevent further embezzlement.

 

(Xinhua News Agency February 15, 2006)