The NAB presented report of the unauthorized investment
by the Benevolent Fund and Group Insurance, the official said that the investment was made in three institutions.
The SEC further alleges that the client later learned about Blazer making the unauthorized investment
in the movies and demanded repayment, even threatening a lawsuit.
The recent humiliating penalty (to write a public self-criticism paper) for the governor of Inner Mongolia and his deputies for embarking on an unauthorized investment
binge in coal-fired power plants sets a good example.
The BWC, which had a significant investment in an MDL-managed fund, alleges MDL made unauthorized investment
decisions that led to a $215 million loss in November 2004.
The South China Morning Post reported that the alleged misuse of funds involved so-called ''off-balance-sheet'' money -- accumulated through skimming off officially allocated funds and through unauthorized investment
without the knowledge of the bank's Beijing headquarters.
Furthermore, penalties have been imposed on directors of two companies for making unauthorized investment
to associated companies without following the legal requirements.
In two instances of misuse of powers by directors and unauthorized investments
in associated companies, proceedings under
Investor's money to his own personal use and made other unauthorized investments