Fraud in projects involving foreign loans uncovered

Report also finds inferior bidding procedures, lack of supervision

Chinese auditors have uncovered 237 million yuan ($37 million) of funds misappropriated in six projects that used foreign loans and assistance, the National Audit Office announced on Monday.

The frauds were detected in an audit conducted last year on 99 government projects that had received loans and assistance from international organizations and banking institutions such as the World Bank, Asia Development Bank, the United Nations Development Program and Department for International Development of the United Kingdom.