Zhou Yongkang, the former chairman of the China National Petroleum Corporation (CNPC), is under investigation for alleged oil and gas deals that enriched his family.

Zhou, 70, has been one of the most powerful politicians in China for the past ten years.

Before he retired last year, he was a member of China’s elite Politburo Standing Committee and he ran China’s feared state security agency.

The South China Morning Post said the investigation of Zhou will focus on his time as governor of Sichuan and while he ran CNPC, the top state-controlled oil and gas company.

Jiang Jiemin, the former chairman of CNPC’s biggest subsidiary, PetroChina, is also under investigation, along with three senior executives from  PetroChina.

China’s state news agency Xinhua also reported last week that Wang Yongchun, a CNPC deputy general manager, was being investigated for ‘gross violation of party discipline,’ usually a reference to graft.

In Zhou’s case, top party leaders reportedly decided to go ahead with an investigation after disclosures about the vast wealth amassed by Zhou’s family.

President Xi Jinping personally ordered officials in charge of the case to ‘get to the bottom of it,’ the South China Morning Post said.

Source: The FCPA Blog


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