In a widening effort to push its anti-corruption campaign, China has included the country's most valuable company in its dragnet. The company included in the review is PetroChina Co, who recently did some housecleaning as it removed four senior managers during the investigation.
As a result of the investigation, the share values of the company fell by 4.4% in Hong Kong trading, the largest such decline for the company in the last two years. Amongst the released employees was Kunlun Energy's Chairman together with the general managers of Kunlun Energy's largest oilfields. For its part, Kunlun's stock values declined by 14%, placing its enterprise value at just USD11.3 billion.
This is the continuing saga of the seriousness of the new Chinese leadership in eradicating corruption in the country. Amongst those facing trial are high ranking officials such as Politburo member Bo Xilai as well as other officials from phone companies as well as the railway ministry.
Aside from Kunlun Chairman Li Hualin, the other officlals mentioned include Petrochina VP and GM Ran Xinquan and PetroChina Chief Geologist Wang Daofu.
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