US court throws out PetroChina suit
Print Edition
A COURT in the United States has thrown out a class-action lawsuit against China鈥檚 state-run oil giant PetroChina Co arising from an alleged bribery scandal.
US District Judge Edgardo Ramos in Manhattan dismissed claims by PetroChina investors who accused the company and various officials, including former Chairman Jiang Jiemin, of deceiving them about its internal controls and governance.
An anti-graft campaign championed by Chinese President Xi Jinping has ensnared many officials at PetroChina and its parent China National Petroleum Corp, since 2013.
In the US lawsuit, investors accused the oil company and individual defendants of violating US securities laws by concealing 鈥渂ribery, political corruption, and undisclosed related party transactions.鈥
The lawsuit sought to recoup losses suffered by purchasers of PetroChina securities between April 26, 2012, and December 17, 2013, attributable to declines in the company鈥檚 share price, as news about alleged wrongdoing went public.
Ramos, however, said that the plaintiffs failed to show that PetroChina made false statements about its corporate governance practices or its internal controls over financial reporting.
There was no showing that the individual defendants knew of or recklessly disregarded alleged corruption at PetroChina at the time, he said.
While the complaint 鈥渃ertainly suggests鈥 that the Chinese government suspected wrongdoing by PetroChina officials, 鈥減laintiffs never specify when that conduct occurred or how it rendered PetroChina鈥檚 public statements false,鈥 Ramos said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
