Fmr. PetroChina Vice Chairman to face graft prosecution

World Today

Liao Yongyuan, former Vice Chairman of PetroChina, attends a conference in Beijing, May 16, 2013. REUTERS/Stringer

A former general manager with the China National Petroleum Corporation has been expelled from CPC following graft investigations. Liao yongyuan, 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.

He stepped down from his posts as vice chairman and non-executive director in March. He 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. Liao abused his position to help with job promotions, took “enormous” bribes and was an adulterer. Liao and the evidence of his crimes will be handed over to the legal authorities from prosecution.

Story compiled with information from Reuters, Xinhua.