China: China's state auditor said that it has found irregularities in the operations of China Resources, including the misuse of funds, the use of an improper bidding procedure and failure to seek government approval for a merger. The audit results came after the government started investigating the activities of several former executives of the group.

An audit of China Resources' 2012 financial statements showed that China Resources Power Holdings Co didn't conduct public bidding for 586 projects it awarded that were valued at US$1.9bn. Instead, it had invited specific bidders to decide on contractors and service providers, according to the National Audit Office. Moreover, five power-generating facilities of China Resources Power were allegedly constructed or put into operation in 2012 without government approval. The facilities had power sales of US$45.4m in 2012.

Similarly, a US$28.1m merger involving China Resources Cement Holdings was made in 2012 without government assessment or approval. The audit also found that US$209m raised by two trust products that was intended to boost liquidity at the trust company was instead invested in property development by the borrowers. In 2012, the group and its affiliated units allegedly spent US$338,863 playing golf.