China's State-owned assets watchdog vowed on Friday that punishment will be imposed if ongoing auditing uncovers any illegality at China Resources (Holdings) Co Ltd, the Hong Kong-registered conglomerate caught up in accusations of corruption involving State-owned assets.

China Resources is currently being audited. The State-owned Assets Supervision and Administration Commission will act according to the auditing results, the commission said in a brief statement.

The commission vowed to severely punish people who are held accountable according to law if any illegal practices and irregularities are found.