China’s Rail Embezzlement Lite

The surprise about the finding of state auditors that 187 million yuan ($28.5 million) had been embezzled by individuals and construction companies working on the Beijing-Shanghai high-speed rail line is that the sum is so small. The estimated cost of the upgrade to the 1,318 line, the showpiece of the country’s corruption-plagued high-speed network, is now 217.6 billion yuan (up from the original estimate 160 billion yuan, incidentally). The fake accounting that the auditors have turned up amounts to less than a rounding error. Really?

 

About these ads

Leave a comment

Filed under Transport

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s