Former CNOOC General Manager Sentenced to 14 Years for $9.6 Million Bribery Scheme

Li Yong, the former general manager of CNOOC Ltd., China's largest offshore oil and gas producer, was sentenced to 14 years in prison in August 2025 for accepting over 67.94 million yuan (approximately $9.6 million) in bribes. After retiring in October 2023 following more than three decades at the state-owned company, Li attempted to burn cash hidden in his attic to destroy evidence as investigators closed in. He was placed under investigation by China's Central Commission for Discipline Inspection (CCDI) in March 2024, three months after his retirement.

Li's corrupt activities spanned years and involved leveraging his positions at both CNOOC and as CEO of China Oilfield Services Ltd. (COSL) to benefit foreign business interests. In 2012, a foreign agent surnamed Wu approached Li seeking assistance in securing a rig-leasing contract for a CNOOC overseas project in exchange for substantial payments. Li used his influence to facilitate the contract and subsequently accepted millions of dollars in bribes, which he funneled through shell companies and offshore accounts across multiple countries to conceal their origins.

The sentencing underscores China's intensified anti-corruption efforts, particularly focusing on cross-border financial schemes and illicit overseas transactions. Authorities recovered all offshore illicit funds as part of comprehensive investigations. The case was publicized through a state-backed anti-corruption documentary that aired in June 2026, featuring Li's own admission of attempting to burn the bribe money. The court also imposed a fine of 3 million yuan on Li as part of the penalty. This high-profile prosecution reflects China's commitment to combating corruption within state-owned enterprises and preventing the laundering of illicit proceeds through international financial channels.