Sep 04, 2013

    Chinese oil entrepreneur caught up in graft probe

    A BILLIONAIRE Chinese petrochemical entrepreneur on Monday became the fifth senior industry figure in a week to become enmeshed in a corruption investigation that continues to reach higher into China's political and economic elite circles.

    The entrepreneur, Mr Hua Bangsong, 47, is "now assisting the (authorities) in their investigations", according to a filing made on Monday to the Hong Kong Stock Exchange by his company, Wison Engineering Services.

    A crackdown on corruption in China has intensified in recent weeks, focusing on the oil industry. Mr Hua's company is one of the largest non-state contractors to the oil and gas industry in China, and counts China National Petroleum Corporation as one of its biggest customers.

    He is worth US$1.2 billion (S$1.5 billion), according to Forbes.