China oil tycoon held in $127 mn graft probe: Media

Beijing, Dec 26: A Chinese oil tycoon has been detained onsuspicion of embezzling 1 billion yuan (127.9 million dollar) ofprivate and government funds, media reported today.

Gong Jialong, chairman of the Tianfa Group, owner of listed TianfaPetroleum Co, was detained on December 21, the Beijing News said.

Gong is the chairman of the China Chamber of Commerce forPetroleum Industry from which he is suspected of embezzling the funds,the newspaper said.

No charges had been laid, it said.

Company officials were not immediately available for comment.

China is in the middle of a crackdown on corruption, which theruling Communist Party says is so widespread it could threaten theparty's credibility and even survival.

Hong Kong's Beijing-funded Ta Kung Pao newspaper said Gong wastaken into police custody on the recommendation of the China SecuritiesRegulatory Commission.

Tianfa Petroleum shares have fallen about 27 per cent since theend of September even as larger rivals such as Sinopec Corp have soaredamid high oil prices.

Sinopec shares have risen about 39 per cent over the same period.

Tianfa Petroleum deals in liquefied gas, chemicals and other petroleum products as well as agricultural products.

Reuters