Former chairman of PetroChina Ltd. parent company indicted in corruption case

MarketsAssociated Press

The former chairman of the stated-owned parent of PetroChina Ltd., Asia's biggest oil producer, has been indicted in a spreading anti-corruption crackdown.

The national prosecutor's office said Thursday that Jiang Jiemin was charged with abusing his position at China National Petroleum Corp. and taking bribes. It said his actions led to large losses of public money.

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A series of oil executives have been detained in the crackdown led by President Xi Jinping that appears to be aimed at tightening central control over PetroChina and other state-owned industries.

The energy industry was a power base for Zhou Yongkang, the ruling Communist Party's former security chief who was arrested in December on charges including bribery and leaking state secrets.