PetroChina faces US securities complaint

Shanghai (AFP) - An unidentified shareholder is taking legal action in the United States against PetroChina, the listed unit of China's largest oil producer, for allegedly violating US securities laws, the company said Wednesday.

The individual, who is seeking to represent other shareholders in a class action lawsuit, filed a complaint with the US District Court for the Southern District of New York, PetroChina said in a statement.

It said the complaint claims PetroChina, a subsidiary of the China National Petroleum Corp, and four current or former executives violated US securities laws, but gave no details.

The executives include former PetroChina chairman Jiang Jiemin, who according to China's official news agency Xinhua has been removed from his position as director of China's supervisory body for state-owned firms and is being investigated for "serious disciplinary violations", a term that typically refers to corruption.

PetroChina -- which is listed in Shanghai, Hong Kong and New York -- vowed to fight the US action.

"The company has received a notice of the complaint, with no details on the amount involved," PetroChina said.

"The company will vigorously contest the complaint with its best efforts to protect the legitimate rights and interests of the company."

As well as Jiang, current chairman Zhou Jiping and chief financial officer Yu Yibo, along with former chief financial officer Zhou Mingchun, were named in the complaint.

PetroChina said in early September that an individual shareholder intended to file a complaint against it because of the Chinese investigation.

According to the company and state media, four executives including a CNPC vice president, Wang Yongchun, are under investigation for similar violations to Jiang.

PetroChina slipped 0.25 percent in Shanghai trading by midday Wednesday and was down 0.33 percent in Hong Kong.