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.
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