A U.S. federal judge dismissed a securities lawsuit against PetroChina Tuesday that alleged the company failed to disclose corruption it flagged for Chinese investigators and made misleading statements in two annual reports.… Continue Reading
A sweeping corruption investigation into state oil giant China National Petroleum Corp (CNPC) has expanded from domestic oilfields to overseas operations, with two more oil executives being detained for questioning.
Bo Qiliang (pictured), the vice president of CNPC’s subsidiary PetroChina Company Limited, was one of those detained, sources told local English-language magazine Caixin.… Continue Reading
Chinese authorities have seized assets worth at least $14.5 billion from retired domestic security chief Zhou Yongkang as part of a wide-ranging corruption investigation.
Shanghai-based Wison Engineering Services Co. said Friday that its chairman was arrested by Chinese police for “alleged bribery activity.”
After the Chinese oil-engineering provider was informed of Chairman Hua Bangsong’s arrest through his family, the company issued a statement to the Hong Kong Stock Exchange.… Continue Reading
Wu Zhanhui, formerly the deputy secretary-general of the Party Committee at Dongguan City (Guangdong province) and head of the Dongguan Municipal Environmental Protection Bureau, is on trial for taking $8 million from the owner of Dongguan Hengtai Environmental Protection Equipment Co.,… Continue Reading
Hong Kong-listed Wison Engineering, one of the companies implicated in the graft scandal engulfing China’s oil and gas sector, said authorities have seized the company’s records and frozen its bank accounts.… Continue Reading
The bribery and corruption scandal surrounding the China National Petroleum Corporation (CNPC) is spreading across China’s oil and gas industry, forcing executives there to deny involvement in the graft alleged at the top levels of the industry.… Continue Reading