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CCCC: A Chinese Company Reshaping the World Leaves a Troubled Trail

The largest state-owned corporation working on China’s Belt and Road Initiatives has been beset by growing numbers of allegations across its 700+ open projects of fraud, environmental damage, and corruption across Africa, Asia, and even North America. The company was blacklisted by the World Bank in 2009 for fraudulent bidding practices and a number of projects have been halted or prevented from starting due to corruption allegations. It has also been accused of cutting corners and causing severe damage to local environments. Several members of the U.S. congress have called for its specific sanctioning over its role in the building of Chinese military bases in the South China Sea. While such allegations are not uncommon for any large building contractor, the size and scope of CCCC’s projects and problems have made those interested in the progress of BRI projects follow the company closely. Itself a combination of several engineering, dredging, and construction companies, CCCC employs over 120,000 and, similar to other state-owned enterprises, the company’s chairman is also an important member of the Communist Party. He has regularly spoken of managing CCCC as a trusted executor of the party’s strategic goals. As analysis and projections of BRI successes and failures continue to emerge as the massive project matures, CCCC will be a central component. 

Source: A Chinese Company Reshaping the World Leaves a Troubled Trail – Bloomberg

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