CNOOC encourages more disclosure The oil producer wants extra money to go into its parent's finance subsidiary.

(From South China Morning Post)

Byline: Eric Ng

Oil producer CNOOC has encouraged the release of financial details of its parent's finance unit in an attempt to garner shareholder support for the placing of money with the division rather than external financial institutions.

CNOOC is under investigation by Hong Kong Exchanges and Clearing over its past financial dealings with CNOOC Finance Corp, which is majority-owned by its parent. The remainder is owned by CNOOC and its sister firms.

CNOOC did not make a public disclosure nor seek shareholder approval before depositing as much as 6.6 billion yuan - far more than 3 per cent of its net …