Chairman of Wison Company Under Investigation
Recently, foreign media reports that Zhou Yongkang, former member of the Political Bureau Standing Committee, would be thoroughly investigated.After the removal of Jiang Jiemin, director of SASAC(State-Assets Supervision and Administration Commission),and the investigations of four oil executives, Hua Bangsong, chairman of Shanghai Wison Engineering Company, was also placed under investigation.Wison stocks, listed in the Hong Kong stock exchange, plunged so drastically that it was suspended from trading.Rumors spread quickly that the big boss behind Wison is Zhou Bin, Zhou Yongkang’s son.
According to British Financial Times, after the stock fell 16% on Monday, its trading was suspended. The company said in a statement that the board of directors has been informed that the company’s controlling shareholder, Hua Bangsong, is now assisting relevant authorities in Chinato carry out its investigations.Hua and his wife own 80% of Wison Company.Hua became a billionaire after Wison listed in Hong Kong last year.According to insiders, Hua has canceled next week’s meeting, a sign that he could be arrested.
Hua’s company is one of the contractors of the largest non-state owned oil and gas enterprises, PetroChina.PetroChina has become Wison’s biggest customer.In 2012, Wison publicized that from 2009-2011, PetroChina revenue alone was 63%, 80% and 58% respectively.
According to Hong Kong’s Apple Daily, Wison is a privately-owned enterprise from Shanghai.It was listed in Hong Kong late last year. This year, rumor has it that Zhou Bin is the boss behind Wisonand Chairman Hua Bangsong is just in charge of equity holdings.
In addition, people noticed the close relationship between independent non-executives Liu Ji, Wu Jianmin and Jiang Zemin.Liu Ji, 78, was Jiang’s think tank and Wu Jianmin, 74, was former spokesman of the Information Department of the Foreign Ministry, as well as Chinese Ambassador to France.
On Wednesday, according to People Net, a state-owned media outlet, suspension of Wison Engineering continued.Because PetroChina was involved in the oil corruption case,Wison’s recent share price fell sharply.The report also said that a large number of Wison’s ordersand many executives are also from PetroChina.
According to Mainland’s First Financial Daily, Wison Engineering is quite unique in its operations; after receiving orders from the subsidiary companies of PetroChina, they then subcontracting the construction units of PetroChina.Is there something fishy?
The Epoch Times reported that Jiang Jiemin has profittedtremendously from all petrochemical projects.His annual income is estimated at several billions.The most striking news is that he had illegally awarded Wison giant petrochemical projects.
Statistics show that a 10 million ton per year oil refinery and 800,000 tons per year ethylene refining integration project from Sichuan Petrochemical was contracted to be built by Wison Engineering Ltd. The construction in Pengzhou began in August 2009.According to the locals, Zhou Yongkang fought hard for that project.
Because the project caused environmental pollution,Pengzhou residents strongly opposed. Authorities arrested activist Tan Zuoren and others.In 2007, Chengdu activist Huang Qi and Tan Zuoren wentto the construction site to conduct an environmental hazard investigation.Huang Qi, Chengdu activist: “It is actually beneficial forinterest groups, while all the people of Chengdu and surrounding areas pay for the damage."
According to reliable sources, the Pengzhou project has beenthe worst project in history. At least 10 billion from a 38 billion project ended up in the pockets of individuals.Thus, the whole project is nothing but shoddy construction.Huang Qi pointed out that since 1999, Zhou Yongkang, secretary of the Sichuan Provincial office, used a series of public security, national security and other means to suppress civil rights activists.For example, they blocked Skynet on June 4th, aiming to protect the interests of corrupt officials.Huang Qi: “For example, back in 2000, they shut down Skynet, China’s first human rights website, because we exposed the forced appendectomies of 200,000 farmers. That case involved more than ten billion yuan, benefittingseven ministries."
Overseas media disclosed that Zhou Bin used his father’sinfluence in the political and legal system to acquire assets of 20 billion yuan, from money bartering, selling official positions and collecting protection money.The New York Times reported that a task force has been set up to investigate Zhou Yongkang.A former anti-corruption official revealed that investigatorshave interrogated Zhou Bin about the Sichuan corruption case.