A total of 4,578 Chinese civil servants and leaders of State-owned enterprises (SOEs) had withdrawn colliery shares worth 473 million yuan (58.3 million US dollars) by October 20, said a senior supervision official in Beijing Tuesday.

Those who have withdrawn shares from coal mines include 3,002 civil servants and 1,576 SOE leaders, said Chen Changzhi, vice minister of the Ministry of Supervision (MOS), at a press conference jointly held by MOS, the National Bureau of Production Safety Supervision and Administration and the State-Owned Assets Supervision and Administration Commission.

The above-mentioned shareholders had reported and registered 653 million yuan (80.5 million US dollars) worth of colliery shares in the relevant departments by October 20 since the country initiated a nationwide move to that effect earlier this year.

According to Chen, the Chinese government will ensure that various localities check and complete the registration work as soon as possible and prevent any frauds during the share reporting process.

"We will make a thorough investigation of the exact situation of the above-mentioned people withdrawing shares," he said.

A joint inspection group will soon be set up to check and supervise the implementation of the drive, particularly in the places with serious problems, he said.

"Those who have privately transferred their colliery shares to other people or are holding shares in disguised forms will be removed from their posts on the spot and be held liable for administrative or criminal punishment," he said.

Source: Xinhua