Questionable Expenditures

Oil companies usually focus on barrels, but Chinese petroleum giant Sinopec is struggling to get a grip on bottles — or, to be more precise, 1,176 bottles of Chateau Lafite Rothschild and expensive Chinese liquor.

The alcohol, purchased with $245,000 in company cash, has created a public relations debacle for Sinopec, China’s biggest company by revenue. The scandal is also a headache for the ruling Communist Party, which controls the oil behemoth and appoints its top management, and has reinforced a widespread belief that big state-owned corporations serve the interests — and lavish lifestyles — of a tiny group of insiders.

From The Washington Post May 7, 2011



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