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As a result, its Hong Kong client suggested using an intermediary company to convert Hong Kong currency into yuan for payment. The intermediary company later turned out to be operated by the illegal banking network busted by the authorities.

"Who would have imagined the company would be managed by an illegal network?" the manager laments, "As a state-owned company, we have to respond to the local government's call to support demands from Hong Kong, but we also have to avoid various risks. Despite being cautious, we still got into trouble."

To date, police investigations into the underground money laundering network have been concluded and six suspects will be prosecuted. However, dust has yet to settle over the involvement of Sinopec and PetroChina. Should the two state owned enterprises be held responsible for illegal transactions?

On November 13th, the EO faxed the Shenzhen branch of the People's Bank of China a request for information concerning the matter, but had yet to receive a reply when this article went to press.

Chen Jianning, section chief of the State Administration of Foreign Exchange (SAFE), has once said that when dealing with state-owned companies' involvement in illegal foreign currency transactions, one has to take into account if their participation was active or passive. The EO has learned that Shenzhen SAFE has proposed to penalize the companies according to relevant laws and regulations.

Based on the Foreign Exchange Regulation and Penal Code, illegal buying and selling of foreign currency that leads to disorder in the financial market is punishable with a fine up to five times the amount of the illegal transactions; and if the crime is considered serious, besides the above penalty, all property can be confiscated.

For institutions that commit the crime, the institution's "person-in-charged" is publishable with imprisonment or detention of up to five years. In severe cases, the imprisonment term can be extended beyond five years.

"Shenzhen SAFE tells us that most likely we will be slapped with a small fine," the anonymous manager discloses, he says PetroChina Shenzhen is unwilling to foot the fine or to admit guilty. However, the decision is still pending a directive from above.