Sinopec demotes, fines and dismisses executive over inappropriate alcohol purchase

Source: Sinopec

China Petrochemical Corporation (Sinopec) held a press conference to announce the investigation results of Sinopec Guangdong Oil Products Company’s improper purchase of luxury alcohol and its decision to give serious punishment to the responsible people. 

According to the investigation, Lu Guangyu, former General Manager of Sinopec Guangdong Oil Products Company, an affiliated company of Sinopec, seriously violated the company’s decision-making and internal control system, which is “collective discussion and consultation for decisions of key matters, appointment of key leaders, arrangement of key projects, and usage of large fund.” 

His purchase of luxury alcohol based on personal decision without authorization has seriously damaged the image of Sinopec and caused negative impact. He shall be directly held accountable for the consequences.
The Party Committee of Sinopec held special meetings to discuss this matter, and it was decided that Lu Guangyu be dismissed from his office and demoted. In addition, Lu will be fined RMB131,100 for the cost of the consumed red wine. 

Mr. Fu Chengyu, Chairman of Sinopec Group and Secretary of the Party Committee , Mr. Wang Tianpu, Member of the Party Committee and President of Sinopec Corp., Mr. Wang Zuoran, Member of the Party Committee and Chief of Discipline Inspection of Sinopec Group, and Mr. Li Chunguang, Member of the Party Committee and Vice President of Sinopec Group attended the press conference.

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