Watchdog: Former CNOOC executive is expelled from Chinese Communist Party

The Central Commission for Discipline Inspection announced on Wednesday that a former senior executive of state-owned oil company CNOOC Ltd was expelled from Communist Party, and is being investigated for serious violations to party discipline and law.

Guangyu Yuan retired from CNOOC as its chief executive in September 2019, after reaching mandatory retirement age. He was also the former deputy general director of CNOOC's parent company, China National Offshore Oil Company.

The CCDI, the top anti-corruption agency in the country, said that he was under investigation and disciplinary review by the CCDI in March.

CCDI stated that Yuan "lost his convictions and faith" and had abused his power to gain illicit gains. This included trading his power for money and sexual favors. Yuan accepted golf outings which may have compromised his duty, and engaged in profitable activities related to his previous role after retirement.

CNOOC didn't immediately respond to an inquiry for comment. Yuan wasn't immediately available to comment.

(source: Reuters)