Reuters: Regulatory News: CORRECTED-UPDATE 1-PetroChina shares halted; says report of more probes "inaccurate"

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CORRECTED-UPDATE 1-PetroChina shares halted; says report of more probes "inaccurate" Sep 9th 2013, 03:12 Sun Sep 8, 2013 10:29pm EDT By Anne Marie Roantree and Chen Aizhu HONG KONG/BEIJING, Sept 9 (Reuters) - Trading in shares of China's dominant oil producer PetroChina Co Ltd was suspended on Monday, the second halt in two weeks, as the company said a newspaper report that more of its executives were being investigated was inaccurate. A PetroChina spokesman said the company would issue a statement soon. The China Business News reported that five executives, including vice president Sun Rongde and director Wang Guoliang, had been detained, citing an unidentified source within the company. PetroChina, one of the world's most valuable oil companies, is embroiled in a major corruption investigation. Its shares were suspended for a day on Aug. 27. Since then, the government has said five former senior executives at PetroChina and its parent, China National Petroleum Corporation (CNPC), were being investigated. That included Jiang Jiemin, the former chairman of both entities. The investigations come amid an anti-corruption campaign by Chinese President Xi Jinping. PetroChina said in a statement on Monday to the Hong Kong stock exchange that trading in all structured products related to the company had also been halted from trading. No further details were immediately available. Shares of the company, which dropped 4.4 percent on Aug. 28 after the initial investigation was announced, last closed on Friday at HK$8.70. Hong Kong-listed Wison Engineering Services Co Ltd , a major PetroChina customer, said earlier this month its chairman and controlling shareholder, Hua Bangsong, was assisting authorities in an unspecified investigation. Link this Share this Digg this Email Reprints

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