China names Dai Houliang as general manager of Sinopec Group

A Sinopec logo is seen on top of a logo of Easy Joy store at a gas station in Beijing, September 16, 2011. REUTERS/Sean Yong

BEIJING (Reuters) - China’s assets regulator has named long-serving company executive Dai Houliang as general manager for state-run China Petrochemical Group (Sinopec Group) to replace Wang Tianpu, who is under investigation for bribery and abuse of power.

Dai served the last decade as a senior vice president and chief financial officer of the group's listed arm, Sinopec Corp 0386.HK, according to the group's website.

Dai was selected to take up the general manager post by the State-Owned Assets Supervision and Administration Commission (SASAC), the company said on Monday, giving no further details.

Dai’s appointment comes more than a year after his predecessor Wang was put under investigation for accepting gifts, abusing his position for the benefit of his relatives, spending public money on banquets, and taking bribes.

The country’s anti-corruption watchdog said last September Wang was expelled from the Communist Party and that he would be prosecuted for his crimes, part of a broad anti-graft campaign targeting officials at state-owned conglomerates.

Dai started his Sinopec management experience in 1997 as the deputy managing director of Sinopec’s subsidiary plant Yangzi Petrochemical Corp. Sinopec is Asia’s largest refiner.

Reporting by Beijing Monitoring desk and Chen Aizhu; Editing by Tom Hogue