Sinopec Demotes Unit Manager After Liquor Expenses, Caijing Says
China Petroleum & Chemical Corp. (600028) demoted the general manager of its Guangdong fuel-sales unit because of excessive liquor spending, Caijing magazine reported, citing the company.
Lu Guangyu must also personally bear part of the expenses, Caijing reported on its website today, citing the Beijing-based oil refiner known as Sinopec. Lu must pay 130,000 yuan ($19,958) of the 1.68 million yuan that his unit spent on liquor in September, the magazine said.
Fu Chengyu, chairman of parent China Petrochemical Corp., said the behavior is out of line with company policy and pledged to clamp down on such spending, according to Caijing.
Huang Wensheng, the Beijing-based spokesman of Hong Kong- listed Sinopec, didn’t return two phone calls to his office seeking comment.
--Wang Ying. With assistance from Winnie Zhu in Shanghai. Editors: Ryan Woo, Paul Gordon.
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