Audit says no proof China Public Procurement deals ever took place

There is no evidence that hundreds of billions of dollars of transactions supposedly conducted by China Public Procurement (CPP) were bona fide, according to an audit by PricewaterhouseCoopers (PwC).

"In the Forensic Review, PwC was unable to find any documentation to substantiate any of the agreements had any commercial substance. It was stated in the Forensic Review that none of the agreements eventually turned into actual procurement transactions," said CPP's announcement to the Hong Kong stock exchange last night.

via Business feed http://www.scmp.com/business/china-business/article/1079065/audit-says-no-proof-china-public-procurement-deals-ever-took