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Records seized at Shanghai firm that supplied PetroChina
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Chinese authorities investigating corruption at the country’s state-owned oil giant have seized records and frozen bank accounts at a PetroChina Co supplier, the company said yesterday.
Wison Engineering Services Co also said it couldn't contact its chairman, Hua Bangsong, one of the country’s richest self-made entrepreneurs.
The Shanghai-based company, which said earlier this month that Hua was helping with the investigation, said he was “still assisting relevant authorities.”
The company said Zhao Hongbin, the manager of the finance department at a subsidiary, is also assisting.
“Mr Hua is not contactable and he is not able to discharge his daily duties,” Wison said.
Forbes estimates Hua, who founded Wison in 1997, is worth US$1.2 billion.
In ongoing investigations into oil companies in China, four executives at PetroChina or parent China National Petroleum Corp have already been detained and former CNPC chairman Jiang Jiemin has been fired as head of the commission which oversees state-run companies.
In a statement to the Hong Kong stock exchange, Wison said regulatory authorities have inquired “about certain projects of the group, taken books and records and frozen certain bank accounts.”
Wison said it hasn’t been told about the nature of the investigation or details about how Hua and Zhao are involved. It added that some of the affected bank accounts were later unfrozen.
Wison said in a separate statement that its chief financial officer, Chen Wenfang, has resigned.
The statement didn’t make reference to the investigation and it's not clear whether his resignation is related.
Wison has been trying to downplay its relationship with PetroChina.
The company said earlier that only 5.6 percent of its revenue in the January-June period, or 111 million yuan (US$18 million), came from the oil giant. It also has four outstanding PetroChina contracts worth 204.2 million yuan.
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