Sinopec will sell hotels and cars to curb corruption

Sinopec Group, an oil company owned by the Chinese government, plans to sell its hotels and cars to after a corruption watchdog commented on their excess spending.

Sinopec Group or China Petrochemical Corporation is Asia’s largest oil refining and petrochemical enterprise, administered by SASAC for the State Council of the People’s Republic of China

In a statement released by the Communist party’s graft-busting central commission for discipline inspection, Sinopec said the latest inspection by anti-corruption teams had been effective at rooting out problems.
“It has hit the nail on the head, grasping the essence and crux [of the issue], helping us to find the root of the disease,” it said to the Guardian.

By 2017, the company aims to sell all of the hotels it owns, save for a few who are either very competitive or have no competition in the area. Sinopec will also get rid of 4,300 company-owned cars.

Aside from the hotels and cars, the watchdog found other excess spending like, two executives using company money for their vacations in 2013, and four employees who did not return to China immediately after a board meeting in the Macau.