Bigger graft crackdown for China’s energy sector still to come

Bigger graft crackdown for China’s energy sector still to come

Staff Reporter


The Chinese government has extended the reach of its anti-corruption campaign to the energy sector by ousting a number of major figures in the field, which, said insiders, may be just the start of an even bigger crackdown.

There have been 21 energy-related ranking officials on the blacklist including three from the National Energy Administration, former chief Liu Tienan, former deputy chief Xu Yongsheng, and the former director of the administration’s new energy and renewable energy department Wang Jun.

The authorities have taken extensive action against energy officials following over half-a-year investigation starting last year, in the wake of the ousting of Liu Tienan. “The government crackdown on energy officials will step up further,” said an insider with close links to the National Energy Administration, according to Guangzhou’s Time Weekly.

Many of the ousted officials are veterans in the energy field, which has had a profound influence on the nation’s energy policy. Wang Jun, for instance, was one of the masterminds of the reform of the nation’s power system and oversaw the promotion of new energies during his six-year tenure heading the new energy department.

Insiders said that those ranking energy officials might have taken bribes, taking advantage of their power to approve investments projects in the fields of power, coal, and new energies. Ren Haoning, senior researcher at CI Consulting, remarked that monopoly of energy markets previously gave ample leeway for profiteering to officials in charge, especially in the fields of power, petroleum, and coal.

The administration’s department of coal for instance, has absolute say over the fate of enterprises and businesspeople intending to foray into the coal-mining business.

Insiders also said that the current crackdown on energy officials is in large part a ripple effect of the corruption scandal at China National Petroleum Corporation (CNPC).


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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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