China’s oil boss `must have embezzled huge amount’

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.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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