PetroChina deputy faces graft charges

Liao Yongyuan, former vice chairman of PetroChina, has been accused of taking bribes, seeking profits for others, committing adultery

PetroChina deputy faces graft charges

World Bulletin / News Desk

A former senior executive with China’s largest state-owned oil and gas company has been expelled from the Communist Party and is being charged with corruption.

The Central Commission for Discipline Inspection said in a statement Monday that Liao Yongyuan, former vice chairman of PetroChina, stood accused of receiving a “huge amount” in bribes, seeking profits for others and committing adultery.

It added that he had been expelled for "serious violations of discipline and the law" -- a phrase used to refer to corruption allegations.

Liao, 52, was appointed to his current post in May last year. He had worked for the China National Petroleum Corp, the parent company of PetroChina, for 30 years.

Several senior executives with the company, including former chairman Jiang Jiemin, have already been put under investigation.

Jiang, 60, former head of the State-owned Assets Supervision and Administration Commission, admitted in court in April that he was guilty of corruption and abuse of power. He had served as the chairman of the China National Petroleum Corporation in 2011-2013.

Jiang was a protege of former security chief Zhou Yongkang, the highest-ranking official to be investigated under President Xi Jinping’s anti-graft campaign who was sentenced to life in prison last week. Zhou was convicted of revealing state secrets and accepting bribes of around 130 million Yuan ($21.3 million).

According to the Hong Kong-based South China Morning Post, Zhou and Jiang were reportedly members of a Communist Party faction known as the “Petroleum Gang”.

The anti-corruption drive has placed China’s biggest oil and natural gas producer under its microscope, with at least 10 of its current and former executives undergoing investigation. 

In February, the Central Commission for Discipline Inspection said it would target 26 giant state-owned firms this year.

Güncelleme Tarihi: 15 Haziran 2015, 11:54