PetroChina faces U.S. securities complaint

Editorial Team
Editorial Team
PetroChina faces U.S. securities complaint

An unidentified shareholder is taking legal action in the U.S. against PetroChina and four current or former executives for allegedly violating U.S. securities laws.

PetroChina, part of China’s largest oil producer the China National Petroleum Corp, said the individual, who is seeking to represent other shareholders in a class action lawsuit, filed a complaint with the U.S. District Court for the Southern District of New York.

The four current or former executives include former PetroChina chairperson Mr Jiang Jiemin, Mr Zhou Jiping, chairman of the board of directors, Mr Zhou Mingchun, former CFO and Mr Yu Yibo, current CFO.

PetroChina vowed to fight the action.

“The company will vigorously contest the complaint with its best efforts to protect the legitimate rights and interests of the company,” it said.

Image: © Getty

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The Editorial team at APAC Outlook Magazine is a team of professional in-house editors led by Jack Salter, Head of Editorial at Outlook Publishing.