Li Yong, former deputy Party secretary and general manager of China National Offshore Oil Corporation (CNOOC) (HKG:0883, SHA:600938), was sentenced to 14 years in prison and fined 3 million yuan for accepting bribes, Chinese state broadcaster CCTV reported Tuesday, citing a ruling by the court.
According to the report, Li accepted more than 67.9 million yuan in illicit payments between 1996 and 2023 while holding various senior roles at CNOOC and its subsidiaries.
He used his positions to provide business favors to individuals and companies in areas such as product sales and agency services, the report added.
CCTV said the court granted a lighter sentence due to Li's cooperation during the investigation, including voluntary disclosure of previously unknown offenses, reporting others' crimes, and returning all illicit gains.
The proceeds of the bribes were confiscated and turned over to the state treasury, it said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
免責聲明:投資有風險,本文並非投資建議,以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請,作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考,不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證,投資者應自行研究並在投資前尋求專業建議。