Flies and Tigers | 鎶撹潎鎵撹檸
PetroChina says official under investigation has resigned
Print Edition
PETROCHINA Vice Chairman Liao Yongyuan resigned yesterday after the state oil giant said he was being investigated by the country’s anti-graft watchdog for “serious disciplinary violations.”
In a brief statement, PetroChina said Liao had stepped down from his posts as vice chairman and non-executive director, effective immediately.
Liao was the most senior of two vice chairmen at PetroChina, China’s top oil and gas producer, making him the company’s second-highest ranking official.
In a previous statement about the investigation , the company said it was operating normally.
On Monday, China’s anti-corruption watchdog had said Liao was under investigation for “serious disciplinary violations” stemming from his role as a general manager of China National Petroleum Corporation, PetroChina’s parent.
The Central Commission for Discipline Inspection gave no further details.
Liao, a 30-year veteran at CNPC, was appointed vice chairman of PetroChina in May 2014, just months after China announced that several top executives from the two companies were under investigation. They included Jiang Jiemin, former chairman of both entities.
None of the detained oil executives has stood trial.
Some had links with China’s former domestic security chief Zhou Yongkang, who was arrested last year and expelled from the Party, accused of crimes ranging from taking bribes to leaking state secrets.
Zhou rose through the ranks at CNPC and from 1996-1998 served as general manager of the firm.
The watchdog said last month it had targeted 26 major state-owned firms for inspections this year, including CNPC and its rival Sinopec Group, China National Offshore Oil Corp and China National Nuclear Corp .
On Tuesday, Sinopec Group said it would deploy 28 discipline inspection officials to “strengthen supervision and discipline accountability, increase efforts to punish corruption.”
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