Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The former manager of a Chinese state-owned coal-mining firm has been found guilty of accepting bribes and given a death sentence.
From 2005 to 2011 Yu Tieyi was in charge of supplies to Heilongjiang Longmay Mining Holding Group Co Ltd, during which time he was accused of taking bribes in exchange for handing out bloated procurement contracts, according to a Monday report from Xinhua. In delivering the guilty verdict, the court in the northeastern province of Heilongjiang granted Yu Tieyi “leniency” for good behaviour, by giving him a two-year reprieve before the sentence is carried out.
The verdict stated the amount of Yu’s bribes was “extremely huge” and the state had suffered “a great loss,” both warranting the most severe penalty — death sentence without reprieve.
However, the court showed leniency because Yu had behaved well during investigation, reported the crimes of his accomplice, and returned most of the bribes.
The Chinese government under President Xi Jinping has cracked down on deep-rooted corruption since 2013 – with dozens of senior officials investigated or jailed. Known by its Orwellian title, the “Central Discipline Inspection Commission” has netted a number of big fish, including Jiang Jiemin, the former chairman of China National Petroleum Company (CNPC) who in September 2014 came under investigation. Oilprice.com named a number of other prominent oil industry figures swept up by the state that year, including:
Bo Qiliang, PetroChina vice president in charge of CNPC’s overseas business, detained on or around May 13;
Zhang Benquan, general manager of CNPC’s Iran subsidiary, detained in April;
Yan Cunzhang, general manager of PetroChina’s foreign cooperation department, detained in April;
Li Hualin, former CNPC deputy general manager, reportedly a target of a Communist Party corruption probe;
Wang Daofu, former PetroChina chief geologist, under investigation along with Ran Xinquan, former general manager at PetroChina subsidiary Changqing Oilfield Co.;
Sun Weidong, former deputy manager of PetroChina subsidiary Yumen Oilfield Co., under investigation;
Yang Guoling, assistant general manager and senior accountant at Yumen Oilfield Co., indicted for corruption.
In March of this year the deputy general manager of Chinese coal conglomerate Kailuan Group came under investigation for “serious violations of discipline”, Reuters said.
2 Comments
Henry at ACBO Call Centre
Just love this mining.com site.Always great content. My relevant sites>> http://www.www-globalcommodities.com and http://www.crimefiles.net Enjoy your journey.Thank you
G Man
If we did this in the U.S., we wouldn’t need term limits for our U.S. Senators and Representatives.