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PetroChina Sued Over Failure to Disclose Corruption

PetroChina Co. was sued by an investor who claims the oil producer violated U.S. securities laws by failing to disclose corruption that exposed it to government investigations and penalties.

Johan Broux, an investor in Belgium, filed the complaint yesterday in Manhattan federal court seeking to represent all buyers of PetroChina securities from April 26, 2012, to Aug. 27 of this year. Broux said PetroChina shares dropped more than 3.5 percent Aug. 28 on news that two Chinese government agencies were investigating company officials for corruption.

In addition to PetroChina, the complaint names as defendants Chairman and President Zhou Jiping, Chief Financial Officer Yu Yibo and two former company executives -- ex-CFO Zhou Mingchun and former Chairman and Chief Executive Officer Jiang Jiemin. Broux seeks unspecified damages.

PetroChina officials in Beijing couldn’t be reached yesterday for comment on the suit.

The case is Broux v. PetroChina Co. Ltd., 13-cv-06180, U.S. District Court, Southern District of New York (Manhattan).

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