Ex-State Oil Exec Set Cash Stockpile on Fire as Investigators Closed In
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Li Yong, former general manager of CNOOC. Photo: CCTV
A former general manager of China’s largest offshore oil and gas producer attempted to burn a stockpile of cash hidden in his attic to destroy evidence of bribery, a state-backed anti-corruption documentary revealed this week.
Li Yong, who retired in October 2023 after more than three decades at CNOOC Ltd. (600938.SH), admitted to the act in the documentary aired Wednesday.
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- Li Yong, former general manager of CNOOC, tried to burn bribe money to destroy evidence but was caught and investigated after retiring in October 2023.
- In August 2025, Li was sentenced to 14 years in prison and fined 3 million yuan after taking over 67.94 million yuan in bribes, much of it from overseas projects.
- The case highlights China's crackdown on corruption, including cross-border probes; all offshore illicit funds were recovered.
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Who’s Who
- CNOOC Ltd.
- CNOOC Ltd. is China's largest offshore oil and gas producer. A former general manager, Li Yong, was sentenced to 14 years in prison for bribery, accepting over 67.94 million yuan ($430,000) in bribes. His misconduct included using his influence to secure contracts for a businessman and manipulating overseas commission schemes.
- China Oilfield Services Ltd.
- During his tenure as CEO of China Oilfield Services Ltd. (COSL), Li Yong, the former general manager of CNOOC, engaged in corrupt practices. He leveraged his position to assist a foreign agent in securing a rig-leasing contract for a CNOOC overseas project in exchange for millions in U.S. dollars. Li funneled these illicit funds through shell companies and offshore accounts in multiple countries to obscure their origin.
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What Happened When
- 2012：
- A foreign agent surnamed Wu sought Li’s help to secure a rig-leasing contract for a CNOOC overseas project, promising a 'thank-you fee.'
- October 2023：
- Li Yong retired as general manager of CNOOC after more than three decades at the company.
- March 2024：
- Li was placed under investigation by the CCDI, three months after his retirement.
- August 2025：
- A Chinese court sentenced Li to 14 years in prison for bribery and fined him 3 million yuan.
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