China Starts Investigation Of Sinochem Group President Cai Xiyou

Cai Xiyou, president of Sinochem Group, the Chinese energy and chemicals conglomerate, has been put under investigation for serious discipline violations, China's main anti-corruption agency said Saturday, using the usual euphemism for graft.

The ruling Communist Party's Central Commission for Discipline Inspection (CCDI) published a one-line statement on its website Saturday, providing no other details about Cai's suspected wrongdoing.

Cai, a 30-year oil industry veteran, was named to lead Sinochem in 2014 after a long career at China Petroleum and Chemical Corp. (Sinopec) where he was previously a Communist Party committee member, senior vice president and Sinopec's general consul.

In October, Cai also was named chairman and non-exeuctive director of Hong Kong-listed China Jinmao Holdings Group Ltd., a Sinochem Group real estate subsidiary.

Sinochem Group, China's monopoly oil trader until 1993, has diversified businesses in oil refining, chemicals trading, oil and gas exploration and real estate development.

Cai is the latest state-owned enterprise executive to be caught in a Communist Party investigation into corruption. In December, the CCDI said it was investigating the chairman of state-run China Telecom Corp Ltd. for alleged disciplinary violations. He later resigned.