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Upscale Beijing Hotel Accused Of Massive Fraud
September 14, 2006 |
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China's National Audit Office has uncovered fraudulant activity and revealed that money was misappropriated from the Beijing Railway Bureau to help finance the upmarket hotel Beijing Xishan Cuiyuan Mountain Villa.
NAO's report says that from 2000 to 2004, the Beijing Railway Bureau, without approval from the State Development and Reform Commission and Ministry of Finance, misused more than RMB60 million of renovation funds and RMB98.29 million of public welfare funds for remodeling the hotel. Xishan Cuiyuan is located in Beijing's Shijingshan district.
The Ministry of Railways said it is investigating and will introduce a group decision-making system and expert hearings to avoid future budget misuse.
Local media report that Xishan Cuiyuan employs 180 staff and is owned by the Beijing Xishan Cuiyuan Mountain Villa Corporation Ltd.
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