UPDATE 4-Indonesia police say Interpol issues red notices for 3 Sinopec execs

Tue Mar 21, 2017 11:17am GMT

* Project was touted as region's biggest oil storage terminal

* Police say three execs suspected of alleged embezzlement

* Indonesia's resources sector has been riddled with graft (Adds comment from Sinopec)

By Fergus Jensen and Cindy Silviana

JAKARTA, March 21 (Reuters) - Indonesian police said on Tuesday Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud linked to a more than $800 million Sinopec oil terminal development in Indonesia.

China Petroleum and Chemical Corp, or Sinopec, is the second major Chinese state oil firm in less than three years to find staff facing allegations of corruption in Indonesia, where the resources sector is riddled with graft and legal and contractual uncertainty.

"The three red notices have been published for those wanted people," said National Police spokesman Boy Rafli Amar.

Indonesian authorities filed a request for Interpol assistance on Feb. 21 regarding the three executives, suspects in the alleged embezzlement of an undisclosed sum of money from the West Point Terminal project, Amar said. He identified the three as West Point Terminal finance director Zhang Jun, chief executive Feng Zhigang and chairman Ye Zhijun.

In a statement on its official microblog, Sinopec said it had not received any red notices from Interpol, was checking relevant information about the project and that the company and its subsidiaries operated in accordance with the law.   Continued...

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