PetroChina’s Chief Accountant Targeted as Corruption Probe Widens

December 25, 2013 Leave a comment

PetroChina’s Chief Accountant Targeted as Corruption Probe Widens

12-17 10:38 Caijing

This is the latest in a series of arrests of executives in the state-owned oil giants.

A corruption probe into PetroChina, the country’s largest oil producer, has widened to include its chief accountant Wen Qingshan, who is also a member of the company’s party leadership, reported by the Ta Kung Pao.This is the latest in a series of arrests of executives in the state-owned oil giants, including former chairman Jiang Jiemin, who left PetroChina in March and was removed from his post as head of the state assets regulator in September. Five days before that, PetroChina said it removed four senior managers after authorities started a probe.

Rumor of him being investigated had circulated online for a time, and the Hong Kong-based newspaper said it was now confirmed by an insider from PetroChina.

As Chief Accountant, Wen is in charge of the application of funds in PetroChina. He had managed funding for a grand project of transporting the natural gas from the West to the East in China.

With PetroChina quickening its pace to go global in recent years, Wen also took part in many major international negotiations, like talks on Sino-Russia pipeline transmission and trade settlement with Iran on oil imports.

Wen’s career in PetroChina started 30 years ago as a deputy general accountant in the group’s financing & assets department. In November 2002, he was appointed as supervisor of the group, and was elected as chief accountant in July 2013.

Filed under Macro Trends

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