China's oil giant Sinopec under investigation over corruption suspicions

Tuesday, April 28th 2015 - 05:13 UTC

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China's Central Commission for Discipline Inspection named Wang Tianpu, an oil industry veteran and president of Sinopec Group, in a statement

China's President, Xi Jinping, has warned that corruption threatens the survival of the ruling Communist Party.

A senior executive at state energy firm China Sinopec Group is under investigation for suspected “serious disciplinary violations”. The China Central Commission for Discipline Inspection (CCDI) named Wang Tianpu, an oil industry veteran and president of Sinopec Group, in a statement on its website. Sinopec Group is the parent of Sinopec Corp, Asia's largest oil refiner.

A Sinopec spokesman said the firm fully supported the government's decision.

China's President, Xi Jinping, has warned that corruption threatens the survival of the ruling Communist Party. His two-year anti-corruption campaign has brought down scores of senior officials in the party, the government, the military and state-owned enterprises.

China is stepping up inspections this year at conglomerates owned by the central government. CCDI said in February it was targeting 26 of China's biggest state firms for inaugural inspections this year.

Earlier this month, Beijing said it was committed to stepping up public scrutiny of state firms' financial performance, as well as to improving leadership increasing transparency and fighting corruption.

The oil industry was dominated for many years by Zhou Yongkang, whose trial could take place in May or June. He is the most senior member of the Chinese Communist party to date to face corruption charges.

In recent weeks, FAW group chairman Xu Jianyi, Baosteel vice-president Cui Jian, a general manager at China National Petroleum Corp and a top executive at China Southern Power Grid have been put under investigation for corruption