China's top prosecutor has indicted Yuan Guangyu, the former chairman and chief executive of China Oilfield Services Ltd (COSL), on bribery charges. The indictment follows an investigation by the National Supervisory Commission, which has now concluded and transferred the case for judicial review.

Charges and Disciplinary Action

Yuan is accused of exploiting his high-ranking positions at several subsidiaries of China National Offshore Oil Corporation (CNOOC), including COSL and CNOOC Limited. The charges state he sought benefits for related entities and individuals and illegally accepted bribes described as "particularly large amounts." Prior to the indictment, he was expelled from the Communist Party in July after an investigation by China's Central Commission for Discipline Inspection. The expulsion was based on allegations that he used his positions to seek benefits for others in project contracting and business operations, engaged in profit-making activities, and took positions related to his former responsibilities after retirement.

Legal Proceedings

The Supreme People's Procuratorate announced the case transfer. The Jiangsu Provincial People’s Procuratorate has approved Yuan’s arrest, and the Xuzhou City People’s Procuratorate has filed an indictment with the city’s Intermediate People’s Court.

Career Background

Yuan spent nearly four decades at CNOOC and its subsidiaries, beginning his career in 1982 after graduating from China University of Petroleum. His career progression included:

• Starting as a drilling platform supervisor at Bohai Petroleum Drilling Company.
• Advancing to platform manager and later deputy general manager of Bohai Drilling Company by 1993.
• Holding key positions at Northern Drilling Company and CNOOC's operations department.
• Becoming chairman and CEO of COSL in 2001, overseeing its restructuring and its 2002 listing on the Hong Kong Stock Exchange.
• Being promoted to assistant general manager of CNOOC in 2006 and executive vice president of CNOOC Ltd in 2009, where he oversaw development of the Bohai oilfield and held several senior management roles.
• Being promoted to deputy general manager of CNOOC in 2016 before retiring in 2019 at age 60.

Context

Yuan's detention occurs more than five years after his retirement and is part of a series of corruption cases involving former COSL executives.