FAW Misplaces Its Billions, High Level Executives Taken for Questioning

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According to Chinese media reports that aired late yesterday afternoon First Automobile Works (FAW) are carrying out a high level audit of its financial situation after the company was found to be missing 10 Billion RMB, around one hundred high level executives have also been taken for questioning by Party investigators.

The majority of Chinese language reports into the matter cite sources that wish to stay anonymous over the embezzlement which is thought to be in the area of 10 billion RMB over an unspecified time period. As a state owned company the Communist Party has been taking a direct role in leading the investigation and has placed around 100 executives under investigation under the Shuanggui rules where party members can be detained and interrogated

One person quoted by mycar168.com said: “After the case was uncovered late last year the Party has been sending investigators into FAW on a regular basis, FAW staffers have become exceptionally nervous as they don’t know who the investigators will be coming for next.”

The previous FAW president, Mr. Zhu Yanfeng, has already been placed under investigation by the Central Comission for Disciple Inspection (CCDI), Mr. Zhu was the president of FAW for 25 years before being recently promoted to a high level position within Jilin Provincial Government.

About the author  ⁄ Ash

China Car Times is the number one portal for the latest information, statistics, and industry information on the Chinese automotive industry. Over the past six years of operation we have seen the Chinese auto market grow from a backwater of old European models to the world's largest auto market with the world's leading technology being delivered here first. You can connect with China Car Times founder and Editor Ash Sutcliffe by clicking on the Linkedin logo, you can also follow us on Twitter, Facebook and Google Plus via the relevant icons

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