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Cai Xiyou, who headed one of the world's largest chemical
conglomerates, was put under investigation in 2016. He pleaded
guilty to the charges and said he would not appeal, the TV
channel said.
Cai was appointed to lead Sinochem in 2014 after a long career
at China Petroleum and Chemical Corp (Sinopec) <600028.SS> where
he was previously a Communist Party committee member, senior
vice president, and Sinopec Corp’s general consul.
Cai was charged with taking up to 53.6 million yuan ($7.8
million) in bribes to manipulate contracts and facilitate
illegal sales and purchases of refined products between 1997 and
2016 during his time at Sinopec including as the head of
Sinopec's trading arm Unipec and as vice president of Sinopec
Group, state media said.
(Reporting by Meng Meng and Beijing Newsroom; Editing by Robin
Pomeroy)
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