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PetroChina to contest US complaint against officials
Print Edition
PetroChina Co has received a notice from a US court related to a complaint involving its former and current chairmen on suspected violations of US securities regulations.
An overseas shareholder filed the complaint with the US District Court for the Southern District of New York against PetroChina’s ex-Chairman Jiang Jiemin, current Chairman Zhou Jiping, former Chief Financial Officer Zhou Mingchun and current CFO Yu Yibo for violating US securities regulations.
“The company will vigorously contest the complaint with its best efforts to protect the legitimate rights and interests of the company,” PetroChina said in a brief statement to the Hong Kong and Shanghai stock exchanges yesterday.
PetroChina, which with its parent China National Petroleum Corp has been embroiled in a major corruption probe by Chinese authorities, also said the company was operating normally, without giving other details.
China has launched a slew of investigations into executives in various sectors as President Xi Jinping focuses on rooting out graft, seen as a threat to the survival of the Party.
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