Not content with being mired in corruption scandals in the USA, the UK, Nigeria and Ireland, Royal Dutch Shell is now suffering the financial consequences of being linked to an unfolding corruption scandal involving China National Petroleum Corp (CNPC)…
By John Donovan
Not content with being mired in corruption scandals in the USA, the UK, Nigeria and Ireland, Royal Dutch Shell is now suffering the financial consequences of being linked to an unfolding corruption scandal involving China National Petroleum Corp (CNPC), which was to have been a partner with Shell in a $13 project to build a refinery and petrochemical plant in eastern China.
According to The Telegraph the giant project has been cancelled.
Reuters reports that “A high-level Chinese government probe into corruption at CNPC widened at the end of August, with three additional senior officials at the energy giant being investigated over alleged wrongdoing.”
Why would Shell be made to suffer financial consequences if it is merely an innocent bystander?
Bribery and corruption are supposed to be outlawed under Shell’s claimed business principles. However, the much trumpeted ethical code is just a Shell scam to deceive ethical investment funds and financial regulators into believing the multinational is not the ruthless, greedy, totally unscrupulous operator, that it is in reality.
Shell has been propping up successive corrupt regimes in Nigeria for several decades, robbing ordinary Nigerians of the opportunity to share in the riches of the countries natural resources. Instead the vast majority live in a poverty stricken polluted land.
The Chinese may not be so accommodating to such manipulation and exploitation.
CNPC officials ordered to surrender their passports as corruption probe widens
Company moves to prevent more executives facing graft investigations fleeing overseas
Raymond Li [email protected]
All members of the middle and top management at China National Petroleum Corporation (CNPC) have been ordered to surrender their passports, a mainland newspaper and a source said, as authorities rush to contain the fallout from a widening corruption inquiry into the oil and gas giant.
As many as 1,000 section heads and higher-ranking CNPC executives were also ordered to submit daily reports about their attendance, and industrial accidents, even if none occurred, the Securities Daily newspaper reported yesterday citing an unidentified company source.
The initiatives aimed to prevent some of the main suspects fleeing abroad and make sure other officials were available to assist the probe, the paper said.
Repeated attempts to reach CNPC for comment on the Daily’s report yesterday were unsuccessful.
A source close to CNPC told the South China Morning Post yesterday that the passport requirements were introduced at a company-wide meeting last week, days after authorities said they were investigating four top CNPC officials, including deputy general manager Wang Yongchun, for corruption.
Days later, Xinhua announced Jiang Jiemin , director of the State-owned Assets Supervision and Administration Commission (Sasac) was also under investigation for graft.
The investigation of Jiang – who is a former chairman of CNPC, a ministerial-level official and a full member of the party’s 205-strong Central Committee – and other top CNPC officials has sent shock waves through the state oil industry.
In an apparent attempt to contain fallout from the widening graft probe in the sector, Sasac’s party secretary Zhang Yi last week toured the Daqing oilfield in Heilongjiang province and the Changqing oilfield in the northwest to show solidarity with frontline production managers and workers.
Zhang has called the investigation of top officials “some isolated cases” and said the central government still had faith in the company.
A CNPC official told 21st Century Business Herald that other senior CNPC officials were particularly worried about the impact of the investigation on daily production.