$1 billion went missing while China was building this electricity grid

$1 billion went missing while China was building this electricity grid




$1 billion went missing while China was building this electricity grid






About 6.7 billion yuan ($1 billion) was “misappropriated” during the construction of a long-distance electricity grid in China last year, the country’s top auditing office said this week.

The government report—which details the use of fake invoices and receipts, illegal bidding, and cost overestimates—is a rare swipe at two of the country’s largest state-owned firms, and a sign that China’s corruption crackdown may be targeting a new secto