ABSTRACT
In the previous chapter, we read of the ten CCBs with foreign shareholdings that were investigated. We remember that because the CCBs were amalgamated from UCCs originally, corporate governance was lacking initially. Corporate governance structures and mechanisms were lacking because there was little need for such standards and many of the CCBs simply operated as when they were UCCs. The CCBs were wholly owned by the state or SOEs and there were no minority, external or foreign shareholders. Hence, there was little need for transparency, accountability and information disclosure. There was no need to protect minority shareholders as there were none.
