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Former CNPC executive stands trial for bribery, embezzlement

Xinhua, April 13, 2015 Adjust font size:

A former senior executive of China National Petroleum Corporation (CNPC) stood trial on Monday on charges of bribery, embezzlement and causing huge state losses.

Zhuhai Intermediate People's Court in Guangdong Province charged Tao Yuchun, former general manager of a CNPC subsidiary, with taking bribes and embezzling public assets totalling 52 million yuan (8.4 million U.S. dollars) as well as causing state losses of 261 million yuan.

Between 2002 and 2011, Tao served as general manager of four state-owned companies, three based in Shenzhen, Guangdong Province and one in Qingdao, Shandong Province.

Taking advantage of these posts, he took bribes of money or property to seek illegal benefits for the companies of his relatives and friends, said prosecutors. Tao's abuse of power also caused heavy losses of state assets.

The court will announce a verdict for Tao on a separate date.

Also on Monday, Jiang Jiemin, former state assets chief of the country and former chair of the board of CNPC, was put on trial in a court in central China's Hubei Province. He was accused of taking bribes, possessing many assets from unidentified sources and abusing power. Endi