Trading shares of Chinas dominant oil producer PetroChina Co Ltd was suspended today, the second halt in two weeks, after the investigation of executives on August 27. However, the company said in a newspaper report that more of its executives were being investigated was inaccurate.
A PetroChina spokesman assured the company would issue a official statement soon.
The China Business News reported that five executives, including vice president Sun Longde and director Wang Guoliang, had been summoned by the authorities, citing an unidentified source within the company.
PetroChina shares closed unchanged on Friday at HK 8.70, having tumbled 21% this year. The company will resume trading this afternoon.
Former Chairman Jiang Jiemin, who left PetroChina in March, was removed from his post as head of the state assets regulator and is under investigation, the official Xinhua News Agency said Sept. 2. Five days earlier, PetroChina said it removed four senior managers after authorities started a probe.
Hong Kong-listed Wison Engineering Services Co Ltd, a major PetroChina customer, said earlier this month its chairman and controlling shareholder, Hua Bangsong, was assisting authorities in an unspecified investigation.
In recent months Chinese authorities have been engaged in a high-profile anti-corruption campaign initiated by new President Xi Jinping, who has called corruption a threat to the survival of the current Communist regime.
Earlier this month, a former top economic official was expelled from the Communist Party and removed from public office. State-owned Xinhua news agency reported that Liu Tienan, the former deputy head of the National Development and Reform Commission, had “accepted huge amounts of bribes”.
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