China's Dams

Three Gorges Corp. admits financial problems

(May 23, 2011) A government audit of Three Gorges Corp., the operator of the Three Gorges Dam, discovered 31 financial problems relating to “accounting, financial management, investment, bidding and corporate management”. Dai Qing is quoted on water shortfalls caused by the dam in this Wall Street Journal article.

China Dam to Address Finances

Josh Chin
The Wall Street Journal
May 23, 2011

BEIJING — A Chinese government effort to acknowledge problems surrounding the country’s giant Three Gorges Dam continued as the dam’s state-run operator announced it planned to overhaul its finances following a government audit.

China Three Gorges Corp. said Sunday that the audit, conducted by the National Audit Office, had uncovered 31 “financial issues” related to “accounting, financial management, investment, bidding and corporate management,” the state-run Xinhua news agency reported.

“The audit findings released by the NAO are a true reflection of our company’s problems,” Sha Xianhua, a vice manager of the company, was quoted by Xinhua as saying. “Ten of the problems mentioned in the audit findings have already been rectified, and we are still working on the other problems.”

Read the rest of the article here, or at the Wall Street Journal.

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