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Two serious university fund embezzlement cases send a warning message on the financial management of higher institutions, says a commentary in Beijing Youth Daily. An excerpt follows:

 

Within three months two serious embezzlement cases were disclosed at well-known universities in Tianjin. The president of Yungong Group affiliated with Nankai University had fled the country after being investigated for his involvement in the misuse of about 400 million yuan (US$51.61 million). In the same city, the former president of Tianjin University was expelled from the National People's Congress last November for financial misconduct, which caused a loss of more than 37.5 million yuan (US$4.81 million) on the stock market.

 

These major financial losses deserve attention.

 

The two cases are still under investigation. But judging from the information revealed, the cases share several points in common. The most obvious is that the enterprises are both affiliated with universities. Such companies are the weak points in higher institutions' financial management. There is no effective inner-control mechanism and the decision-making of such companies is not transparent.

 

Tianjin University's determination to get its affiliated company publicly listed was a reckless decision. At Nankai University, although there were reports about the financial problems of Yungong Group's president, the former president of Nankai made no effort to investigate.

 

Although the organizational structure of universities differs from enterprises, modern universities also handle a huge capital flow. The universities may need to be involved in loans, investments, financing and construction. Strict financial management is needed.

 

(China Daily February 9, 2007)