China’s oil boss `must have embezzled huge amount’
September 3, 2013 Leave a comment
Oil boss `must have embezzled huge amount’
Grace Cao
Tuesday, September 03, 2013
The director of the State-owned Assets Supervision and Administration Commission, Jiang Jiemin, who is under investigation, “must have embezzled a huge amount of money,” official mainland media reported. Jiang, a former boss of PetroChina Group, is being investigated by the Communist Party’s Central Commission for Discipline Inspection. The commission yesterday launched a new website to facilitate reporting about corruption and its chief, Wang Qishan, visited the operations. Jiang is facing a probe for serious disciplinary violations.“Jiang, who was once the most powerful man in PetroChina Group, has nowhere to hide from the anti-corruption storm,” the Economic Information Daily said, stressing possible “links” between Jiang and other PetroChina executives suspected of corruption. These include Wang Yongchun and Li Hualin, who are said to be close to Jiang.
Shares of PetroChina Co (0857) closed at HK$8.54 yesterday, up 1.19 percent. Those of Kunlun Energy (0135) – a unit of PetroChina Group – fell 0.7 percent to HK$11.22.
Wison Engineering Services (2236) applied for a trading halt from 10.38am yesterday after its shares tumbled 16.5 percent. The private firm has a large number of orders from PetroChina.
Wison issued a statement last night saying its chairman, Hua Bangsong, is now assisting authorities in unspecified investigations.
Wison said it has noticed reports linking itself with PetroChina, but stressed contracts with the oil giant were insignificant.
An anti-corruption campaign is sweeping the mainland. Su Shunhu, a senior executive in the former ministry of railways, is reportedly facing charges of taking bribes worth 24 million yuan (HK$30.14 million) from three companies during 2003-2011.
The 57-year-old has been detained by the Central Commission for Discipline Inspection.
Four years ago, a top oil industry official, Chen Tonghai, ran afoul of the law. The former chairman of China Petroleum and Chemical Corp, was sentenced to death with a two-year reprieve for receiving 196 million yuan between 1999 and June 2007.
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