A U.S. federal judge dismissed a securities lawsuit against PetroChina Tuesday that alleged the company failed to disclose corruption it flagged for Chinese investigators and made misleading statements in two annual reports.
Entries in PetroChina (8)
A sweeping corruption investigation into state oil giant China National Petroleum Corp (CNPC) has expanded from domestic oilfields to overseas operations, with two more oil executives being detained for questioning.
Chinese authorities have seized assets worth at least $14.5 billion from retired domestic security chief Zhou Yongkang as part of a wide-ranging corruption investigation.
Shanghai-based Wison Engineering Services Co. said Friday that its chairman was arrested by Chinese police for "alleged bribery activity."
Wu Zhanhui, formerly the deputy secretary-general of the Party Committee at Dongguan City (Guangdong province) and head of the Dongguan Municipal Environmental Protection Bureau, is on trial for taking $8 million from the owner of Dongguan Hengtai Environmental Protection Equipment Co., Lai Hongzhong. The bribes were given to grant him an industrial waste treatment station contract. Wu was also found spending $12 million buying estate properties in Hong Kong via underground banks. http://news.xinhuanet.com
Hong Kong-listed Wison Engineering, one of the companies implicated in the graft scandal engulfing China's oil and gas sector, said authorities have seized the company's records and frozen its bank accounts.
The bribery and corruption scandal surrounding the China National Petroleum Corporation (CNPC) is spreading across China’s oil and gas industry, forcing executives there to deny involvement in the graft alleged at the top levels of the industry.