Former CNOOC executive expelled from Chinese Communist Party, watchdog says

A senior former executive at state-owned oil and gas major CNOOC Ltd has been expelled from the Communist Party and placed under investigation for serious violations of party discipline and the law, the Central Commission for Discipline Inspection on Wednesday.

Guangyu Yuan, 66, retired as chief executive of CNOOC in September 2019 after reaching the mandatory retirement age, and was also a former deputy general manager of CNOOC parent, China National Offshore Oil Company.

He was placed under disciplinary review and supervisory investigation by the country's top anti-corruption watchdog in March, the CCDI said in a statement.

The CCDI said Yuan had "lost his faith and convictions" and abused his position for illicit gains, including trading power for money and sex. Yuan had accepted golf outings that may have compromised his duties, and engaged in profit-making activities related to his former role after retirement, "making a living off the oil sector after serving in it."

CNOOC did not immediately respond to a request for comment. Yuan was not immediately available for comment. 

Reuters