Getting Low for the High Life

Posted by Zweli Mokgata on 26 Apr, 2011 / Offbeat news

Chinese oil refining giant Sinopec has demoted a top executive who bought 1,6 million yuan ($245 900) of wine and spirits after details of the purchase leaked onto the Internet and sparked an uproar over extravagance at the state-owned firm.

The Chinese government recently placed a ban on all advertising promoting “hedonistic” and “high-end” lifestyles in an effort to ease public concerns about the country’s widening wealth gap.

Sinopec, which is Asia’s top refiner, said Monday that it had demoted Lu Guangyu, who was general manager at the company’s operations in the southern province of Guangdong, for “seriously harming Sinopec’s image.”

-Reuters

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