Liao Yongyuan, vice chairman of PetroChina Ltd. and general manager of its parent company China National Petroleum Corp. (CNPC) is currently under corruption probe.
Liao is being investigated by the Chinese corruption watchdog for suspected severe violation of relevant discipline and laws.
He has tendered his resignation to the board and resigned from all his positions in the firm, after serving the company for 30 years.
This, however, isn’t the first for the state-owned oil producer. Its former chairman Jiang Jiemin and four other executives have also been under investigation for bribery and abuse of power.
Jiang was considered an ally of former security chief Zhou Yongkau who faced similar charges in 2013. Following the investigation, Jiang was expelled from the Communist Party of China where he was a member.
China has always suffered from a widespread of corruption. Since coming into presidency in 2013, Chinese President Xi Jinping announced his national anti-corruption campaign to crackdown bribery in the country.
In 2015, he extended his campaign move from targeting high-ranking officials to include state-owned enterprises. Since then, oil and coal bureaucracies have been closely watched by the Central Commission for Discipline Inspection (CCDI).
An institution of the Communist Party of China, CCDI is an internally controlled body, tasked with combating corruption and abuse of power in the People's Republic of China.
Between 1990 and 2011, the Chinese Academy of Social Sciences believes 18,000 corrupt officials fled the country, taking up to US$129 billion with them, reported Au Between 1990
and 2011, the Chinese Academy of Social Sciences believes 18,000 corrupt officials fled the country, taking up to US$129 billion with them, reported Australia’s ABC. The government is currently working on harsher anti-corruption laws.
Image: Liao Yongyuan.
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