PetroChina denies 5 more executives investigated

By Richard Fu | September 9, 2013, Monday |

Online Edition

PETROCHINA Co, which is embroiled in a government graft probe, said a media report that five more of its executives were being investigated by authorities was inaccurate.

The China Business News said today five PetroChina officials, including Wang Guoliang, a director, and Sun Longde, a vice president, have been detained for investigation. The report forced PetroChina, the country’s largest oil producer, to suspend its shares from trading in Hong Kong and Shanghai earlier today.

“After verification, the company has confirmed that such reports are not true,” PetroChina said in a filing to the Hong Kong stock exchange.

“Mr Wang Guoliang and Mr Sun Longde continue to perform their duties at the company as usual.”

Over the past weeks, the government has announced that five former senior officials at PetroChina or its state parent, China National Petroleum Corp, were being investigated for “severe disciplinary violations,” a phrase typically referring to corruption. They included Jiang Jiemin, former chairman of PetroChina and CNPC.

Hua Bangsong, chairman of Shanghai-based Wison Engineering Services Co, a key contractor for PetroChina, was also assisting authorities in the investigation, Wison said last week.

PetroChina said its H shares resumed trading in Hong Kong at 1pm today.

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PetroChina denies 5 more executives investigated

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