Former China National Petroleum Chairman Named in Corruption Probe

What’s new: Wang Yilin, former chairman and Communist Party chief of state-owned China National Petroleum Corp. (CNPC), has been placed under investigation, the latest in a string of executives at the energy conglomerate to be caught up in the country’s sweeping anti-graft dragnet.

Wang is suspected of “serious violations of discipline and law,” a common euphemism for corruption, according to a one-line statement published Friday by the Central Commission for Discipline Inspection, the party’s top corruption watchdog.