Under-suspicion children's charity counters allegations with audit
时间：2012-12-17 00:30:41
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BEIJING, Dec. 14 (Xinhua) -- A children's charity suspected of money laundering1 announced on Friday that it had provided a bank statement of its cash flow in 2011 to a third-party auditing3 agency, in the hope of clearing itself of public suspicion.
The results of the
audit2 will be disclosed next week, according to a statement issued by the China Charities Aid Foundation for Children (CCAFC).
The
controversy4 emerged after political
pundit5 Zhou Xiaoyun posted the financial statement of the CCAFC onto Sina Weibo, China's Twitter-like microblog service, and raised suspicions it had engaged in money laundering.
Citing the CCAFC's 2011 financial statement, which he said he had acquired legally, Zhou questioned online the whereabouts of around 4.8 billion yuan listed as cash payments.
In response to the criticism, the CCAFC publicly apologized on Tuesday, attributing the disputed cash flow to an
accounting6 mistake regarding other
monetary7 assets, and uploaded a statement detailing the movement of other monetary assets on its official website as evidence.
Jiang Ying, a representative for the CCAFC, told Xinhua earlier this week that a serious accounting mistake was to blame for the controversy.
"Our financial staff mistakenly listed 4.75 billion in the foundation's
aggregate8 accrual9 for short-term wealth management, but the amount should be 475 million," she said.
That
inflated10 the figure under the item of other cash inflow and
indirectly11 distorted the other cash payment, according to Jiang.
In its public apology, the foundation explained that purchases of short-term wealth management products from banks were "
prudently12 made" to "increase revenue, reduce the proportion of operating
outlays13 to donations and provide better assistance to the
needy14."
"These deals can be traced on the statement published on our website," said Jiang.
According to Jiang, the foundation channelled some 30 million yuan to short-term asset-management last year and earned nearly 1.08 million yuan.
However, the public seemed to be dissatisfied with the CCAFC's explanation, demanding verified bank statements.
A series of scandals have hit charity organizations in China in recent years, causing a public outcry for more transparency in China's charity work.
Most
notably15, the Red Cross Society of China (RCSC) came under fire in 2011 after a young woman calling herself "Guo Meimei" claimed in microblog posts that she worked for an organization under the RCSC and
detailed16 her
lavish17 lifestyle. That led some netizens to suspect she was
embezzling18 funds.
Donations to the RCSC
plummeted19 59.39 percent year on year in 2011, according to official data.
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