PetroChina Supplier Wison Says Chairman 'Assisting Probe'

Reuters

HONG KONG/BEIJING, Sept 3 (Reuters) – The chairman of a Chinese oil engineering firm is helping the authorities with an unspecified investigation, the company said on Tuesday, amid a widening corruption probe into PetroChina , one of its major customers.

Hong Kong-listed Wison Engineering Services Co Ltd said chairman and controlling shareholder Hua Bangsong "is assisting relevant authorities" who were conducting an investigation after sharp falls in Wison's share price.

Wison did not elaborate on its filing to the Hong Kong stock exchange, which it said was issued after Chinese media reports about its business ties with PetroChina. Hua could not be reached for comment.

PetroChina is Asia's top oil and gas producer and one of the world's most valuable listed energy companies.

The government said on Sunday it was investigating Jiang Jiemin, a former chairman of PetroChina and also parent company China National Petroleum Corp (CNPC), for "serious discipline violations", shorthand generally used to describe graft.

Similar investigations were announced into four other executives last week, three from PetroChina and one from CNPC.

Wison's share price has fallen nearly 30 percent since those investigations were announced. Its stock was suspended on Monday, although the company said it was operating normally.


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