Financial Daily from THE HINDU group of publications
Thursday, Sep 23, 2004
Columns - Account Speak
Wincing that our bean counters are going to Beijing
Allegations are such as what we are only too familiar with disproportionate spending of fund for "dining", illegal commissions for "purchase of textbooks" and teaching materials, "poor quality work done on student dormitories" and so on.
Another story from Xinhua, about the execution in Beijing of "three Chinese con-artists", is just about a month old.
They had stolen about $19 million "from 1997 to 2001 by creating false seals and counterfeiting transfer accounts, financial certificates and loan formalities." After the trial, the three "were escorted to the ground for immediate execution."
A report on news.bbc.co.uk talks of "Four executed in China for fraud", days ago, carried out as part of the country's "crackdown on white-collar crime".
Bosses of collapsed investment firms are also not spared; jail sentences of 14 years are common.
According to China's news agency: "7,264 cases of fraud were closed in 2003, with 7,586 people sentenced more than half of them to either life imprisonment or execution."
I shouldn't be reading all this wincing stuff, however much China may try to convince the world about its harsh punishments, but I'm only curious because the Institute of Chartered Accountants of India is sending a delegation to visit China soon.
There's an MoU between the ICAI and the Chinese Institute of Certified Public Accountants (CICPA), I learn from www. icai.org. "In context of the two nations emerging as king-size economies" the study tour, as it is called, of CAs, "key functionaries of the trade bodies in India and the regulators" is to see firsthand, "capital market regulations, banking and insurance industry, stock market mechanism, and university education system" there and also "interact with the respective Chinese authorities". King-size agenda, that is, but I'm happy as long as our people don't talk about corruption, because here even Section 277A is too much.
"The study tour would focus, inter alia, on knowledge sharing into dynamics of the broad areas indicated above and assessment of the possible formulation that may be required to foster and augment the professional relationship leading to real business opportunities in respective areas." Fine rhetoric.
"That apart the study tour would provide a unique opportunity to get first-hand information and experience of Chinese economy and framework in these areas and would provide a case study for prolific replication in the Indian context." What? Replication? Oh, no!
Stories in this Section
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line