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PetroChina contractor aiding corruption probe
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A KEY contractor for PetroChina Co said its chairman and controlling shareholder is assisting authorities with their investigations amid a corruption probe into China's largest oil company.
Shanghai-based Wison Engineering Services Co, which provides consulting, engineering and construction services to petrochemical companies, once counted PetroChina as its biggest client.
Chairman Hua Bangsong, who founded Wison in 1997, "is now assisting the relevant authorities in the PRC in their investigations," Wison said in a filing to the Hong Kong stock exchange late yesterday.
Wison said it has noted recent press reports on its business relations with PetroChina, whose former Chairman Jiang Jiemin and four other senior executives are being investigated for alleged "severe disciplinary violations," a phrase usually referring to corruption.
Wison, which went public last year, said it operates normally and will continue to perform on its existing contracts. The company's shares have been suspended from trading after a 16 percent slump yesterday morning.
"The group's revenue from contracts with PetroChina and its subsidiaries for the six months ended June 30, 2013 was insignificant," Wison said.
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