Cai Xiyou Sinochem Group president under Investigation
2016-03-30 04:00:54
中國經貿聚焦·英文版
2016年2期
Cai Xiyou， president of Sinochem Group， the Chinese energy and chemicals conglomerates， has been put under investigation for serious discipline violations， Chinas main anti-corruption agency said， using the usual euphemism for graft.
The ruling Communist Partys Central Commission for Discipline Inspection （CCDI） published a one-line statement on its website， providing no other details about Cais suspected wrongdoing.
Cai， a 30-year oil industry veteran， was named to lead Sinochem in 2014， after a long career at China Petroleum and Chemical Corp （Sinopec） where he was previously a Communist Party committee member， senior vice president， and Sinopec Corps general consul.
In October， Cai also was named chairman and non-exeuctive director of Hong Kong-listed China Jinmao Holdings Group Limited 00817. HK， a Sinochem Group real estate subsidiary.
Sinochem Group， formerly Chinas monopoly oil trader until 1993， has diversified businesses in oil refining， chemicals trading， oil and gas explorations and real estate development.
Cai is the latest state-owned enteprise executive to be caught in ruling the Communist Partys investigations into corruption. In December， CCDI said it was investigating the chairman of state-run China Telecom Corp Ltd was under investigation for alleged disciplinary violations. He later resigned.endprint
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