20 SOE bosses held on graft charges
Communist Party of China and the government’s top planning body.
“Some corrupt officials still get promoted, some executives give projects to their relatives and friends, and some are guilty of misconduct involving overseas investments,” Li said.
“In addition, problems such as using public funds to pay for personal tourism, shopping and allowances are rampant.”
Dong Hong, the head of a team sent to China Telecommunications Corp, said some executives developed close connections with wealthy and powerful individuals and worked withthemto embezzle national assets, while some outsourced contracts and took bribes from other companies.
He said breaches of Party discipline remain a major problem, even though members have been urged to follow the principles issued in late 2012 when the country launched its sweeping antigraft campaign.
Thirteen teams were sent to the giant corporations, with each reviewing two companies, including ChinaNational Petroleum Corp, China National Offshore Oil, China Huaneng Group, State Grid Corp of China and China Mobile Communications.
Companies in the oil and refinery sector are among those most affected by corruption, with five senior managers held from the country’s three largest oil enterprises.
Liao Yongyuan, former vicechairman of PetroChina and general manager of its parent company, CNPC, was placed under investigation on March 16 on suspicion of committing “serious violations of the law” — a euphemism for corruption. The CCDI announced that he had been expelled from the Party onMonday.
The inspection teams were set up in 2003, with personnel drawn from the CCDI and the Party’s Organization Department. They are authorized to consult files and records and receive petitions and letters reporting corruption from the public. An mechanism was as an internal method by the same year.
On Wednesday, the CCDI announced an investigation into Long Zenglai, former head of China Investment Securities.
Long, who was the company’s Party chief and CEO, was found to have spent 400,000 yuan ($64,400) of public funds on extravagant meals and nearly 35,000 yuan on golf from January 2013 toMay this year. inspection established supervision Party in the