With many of the Chinese government officials recently investigated for corruption also serving as company executives, recent indictments have impacted global business deals, Financial Times reported. Most recently, the corruption probe drew in Zhou Yongkang, the former energy and security tsar, and Wang Zongnan, the former chairman of Bright Food, which produces the cereal Weetabix. Shares in Athabasca Oil (ATH.TSE) have fallen 24% since the beginning of April, after two executives from PetroChina (PTR.NYSE, 601857.SHA, 0857.HKG)’s Canadian operations were detained and planned Chinese investments in Canadian oil sands did not materialize.
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