Chinese Oil Firm Sparks Anger Over Excessive Spending

Posted October 10th, 2011 at 3:40 am (UTC-5)
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China’s largest oil-refining company is the latest state enterprise to run afoul of an Internet-empowered public.

State media report Monday on a wave of public anger over online accusations that a subsidiary of China Petrochemical Corporation, or Sinopec, grossly overspent on business cards for its staff.

Reports say a writer claiming to be a company insider posted on the Internet a photocopy of an invoice that showed the company paid more than $40 a box – many times the normal price – for 500 boxes of cards.

Company officials say the invoice is misleading and that the cards cost an average of just $15 a box. But some bloggers are not satisfied, saying even that is too much to pay for business cards.

This is not the first time the company has been criticized for alleged lavish spending. Sinopec demoted a branch general manager in April following allegations that the Guangdong branch had spent more than $400,000 on fine wine and liquor since 2010.