Corruption watchdog already investigating Cultural Industry Fund

The Macau SAR Chief Executive has already requested for the Commission Against Corruption (CCAC) to start an investigation on the issues surrounding financial support provided by the Cultural Industry Fund (FIC), Secretary for Administration and Justice André Cheong Weng Chon revealed today (Friday).

A Commission of Audit (CA) report published yesterday revealed that some FIC subsidized projects have conducted flagrant transactions with related parties involving a cumulative amount of more than MOP23 million (US$2.84 million).

FIC is subordinate to the Social and Cultural Affairs Office, and is responsible for supporting the development of cultural industries in the SAR, and promoting moderate economic diversification.

According to the audit report, in five projects involving a total of MOP6 million FIC proceeded to recognize the expenses without verifying whether there were transactions with related parties.

After presenting a new law proposal to oversee the functioning and oversight of public capital companies, Cheong today revealed that the local corruption watchdog was already called to follow up on this matter.

In a statement issued today, FIC indicated to have already proceeded to the revision and optimization of the inspection procedures and vowed to strictly request all beneficiaries to submit audit reports of cultural industries projects, adopt a series of inspection measures and establish a deduction mechanism based on the proportion of financial support.