Investor files disclosure suit against Petrochina

By Rizza Sta. Ana

Sep 04, 2013 07:18 AM EDT

Belgium-based investor Johan Broux had filed a complaint in a Manhattan federal court yesterday. Broux has petitioned to represent all buyers who bought Petrochina Co. securities from April 26 of last year to August 27 this year. The Belgian investor also claimed in his filing that Petrochina failed to disclose information to investors regarding  the news of the Chinese oil and gas company would be investigated by its government for corruption allegations. The news was said to correlate with the shares of the Chinese company dropping over 3.5% on August 28.

Beijing-based Petrochina is a government entity-backed energy company. Trading in Hong Kong, Shanghai and New York bourses, it is the biggest producer of oil in China.

Aside from Petrochina as a defendant in Broux's complaint, Chairman and President Zhou Jiping and Chief Financial Officier Yu Yibo were also named as defendants. Broux also included two other people, namely former Chairman and CEO Jiang Jiemin and ex-CFO Zhou Ming, in the complaint. The investor was seeking unspecified damages.

When Bloomberg asked for comment, Petrochina officials could not be reached yesterday. 

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