Sinopec Exec Freed on Bail as Swiss Bribery Probe Continues
- Geneva unit was searched by prosecutors over bribe allegations
- Addax payments exceeding $100 million questioned by Deloitte
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Swiss prosecutors probing bribery allegations at a Geneva-based unit of China’s Sinopec released a Chinese executive jailed for three weeks after deciding there was no longer a risk the man could collude with others to disrupt the probe.
Zhang Yi, chief executive officer of the unit, Addax Petroleum, was released on Tuesday, his lawyer Saverio Lembo said. A second company executive was freed earlier, said Henri Della Casa, a spokesman for the Geneva prosecutor’s office. The two men paid an unspecified bail, relinquished their passports and were released because there was "no longer a risk of collusion," Della Casa said in an email.