Former CNOOC Executive Expelled and Investigated for Corruption

A former top executive at the Chinese state-owned energy company CNOOC Ltd, Guangyu Yuan, has been expelled from the Communist Party and is facing scrutiny for alleged serious breaches of discipline and law, as declared by the Central Commission for Discipline Inspection (CCDI) on Wednesday.

Yuan, aged 66, stepped down from his role as CNOOC's chief executive in September 2019 upon reaching the mandatory retirement age. He previously served as the deputy general manager of CNOOC's parent company, China National Offshore Oil Company. An anti-corruption watchdog has been examining his activities since March, according to a CCDI statement.

The CCDI accused Yuan of losing his ideological integrity and exploiting his position for personal advantage. Charges include trading favors for money and sexual favors, accepting golf trips that may have affected his responsibilities, and indulging in profitable ventures linked to his former employment post-retirement. CNOOC and Yuan have not immediately provided comments on the matter.

(With inputs from agencies.)