BEIJING, March 23 -- Former vice general manager of China National Petroleum Corporation (CNPC) Wang Yongchun has been prosecuted for taking bribes, holding unidentified property and abuse of power, the Supreme People's Procuratorate (SPP) announced Monday.

Xiangyang People's Procuratorate of central China's Hubei Province has completed its investigation into Wang and filed the charges with the Xiangyang Intermediate People's Court on Monday, according to a SPP statement.

Prosecutors believe Wang, also former general manager of the Daqing oilfield, took advantage of his posts to seek profit for others, asked for and accepted a huge amount in bribes.

He owned a property that clearly exceeded his legitimate earnings and could not identify the source of the additional income. He abused his power and caused major losses to state assets, according to the indictment.

The Central Commission for Discipline Inspection of the Communist Party of China (CPC) announced its investigation over Wang in August 2013. Wang was then removed from his post the same month and was expelled from the CPC in June 2014.