China’s National Audit Office found US$76 million worth of irregular receipts at Beijing-Shanghai High-Speed Railway, the South China Morning Post reported, quoting a notice on the audit office’s website. Company executives connected with the receipts have been "handed over to the law," the notice said. The joint stock company, which was formed in early 2008 to operate the 1,318 kilometer rail link between the two cities, plans to raise US$4.4 to US$7.3 billion in an initial public offering this year. China plans to build 18,000 kilometers of high-speed railway, pushing the Ministry of Railways’ debt to about US$440 billion by 2020.
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