Ingot54
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Rio Tinto sells majority stake in Ghana unit
http://www.abc.net.au/news/stories/2010/02/04/2809779.htm?section=justin
LONDON - Rio Tinto Alcan, the aluminium division of the global mining giant, announced the sale of its controlling stake in the Ghana Bauxite Company to Chinese firm Bosai for an undisclosed amount.
"Rio Tinto Alcan announces that it has sold its 80 per cent share of the Ghana Bauxite Company Limited (GBC) to Bosai Minerals Group," it said in a statement.
The group, which did not disclose any financial details about the transaction, added that GBC was no longer part of its long-term strategy.
GBC, which operates in western Ghana's Bibiani Anhwiaso Bekwai District, employs nearly 300 people and produced about 800,000 tonnes of bauxite in 2008.
*********************************************
So reads the headline, but what is NOT disclosed is the fate of Hu Stern, who was kidnapped by the Chinese as a spy, when working as a negotiator for Iron Ore contracts, for the Australian arm of RIO.
My guess is that the "undisclosed sum" was probably a pittance, given the animosity between China and RIO over the "bribery" affair, where China accused Stern Hu and three others of stealing state secret information to use against China in negotiating the next contract price for Iron Ore from Australia.
http://www.miningaustralia.com.au/Article/Rio-Tintos-Stern-Hu-formally-charged-in-China/494219.aspx
Rio Tinto's Stern Hu formally charged in China
13 August 2009 | by Michael Mills
Rio Tinto executive Stern Hu has been formally charged with trade secrets infringement and bribery by China's Supreme People's Procuratorate after being detained for 38 days, Chinese media reported.
According to news agency Xinhua, investigations showed that Hu and three other Rio employees, Liu Caikui, Ge Minqiang and Wang Yong, had violated Chinese criminal law by obtaining commercial secrets of the country's steel and iron industry through improper means.
The authorities claim to have also found evidence proving they were involved in commercial bribery.
Rio Tinto iron ore chief executive Sam Walsh yesterday told journalists he was confident the employees had no case to answer.
“The charges have been downgraded and I think that reflects what we've been saying all along, which is that we don't believe there's any evidence of wrongdoing,” he said.
“We have a code of conduct and our employees have followed that.
“From what we understand, this is a normal commercial market situation.”
China’s Vice Minister of Commerce Fu Ziying said the Rio Tinto case will not hurt trade and economic ties between China and Australia, Xinhua reported.
"This is an isolated judicial case and the decision will undoubtedly be fair," he said.
Stern Hu, a Chinese-born Australian citizen, was general manager of Rio Tinto’s Shanghai office.
He was visited by Australian Consular officials for the second time earlier this week and did not report any welfare or medical concerns.
The four employees were detained in Shanghai on 5 July, accused of espionage and stealing state secrets.
*********************************************
But the latest news is that the cases are to go back to court:
Rio executive Stern Hu likely to face Chinese court
http://www.adelaidenow.com.au/busin...ce-chinese-court/story-e6fredhu-1225817989008
THE Federal Government says there may be further delays in the case against Australian citizen and Rio executive Stern Hu.
Mr Hu, the Shanghai-based head of Rio's iron ore operations in China, was detained by the Chinese government on July 5 along with three Chinese colleagues on suspicion of stealing state secrets.
He could find out today if he will face a Chinese court on espionage charges.
"Today is an important date because it's a deadline in terms of whether further time will be sought for investigations or in fact charges will be laid,'' Acting Foreign Minister Simon Crean told the ABC.
"There is the potential for a further extension.''
The Australian government has been urging a speedy resolution of the case against Mr Hu since his arrest amid high-level iron ore price negotiations between Rio and Chinese steel mills.
Mr Crean is confident China will adhere to its legal obligations.
"We have urged transparency, we have urged expedition ... we also argue appropriate process of law and we will continue to monitor that.''
*********************************************
What we can now expect, is to see China drop all charges and Stern HU, Liu Caikui, Ge Minqiang and Wang Yong will be acquitted.
This is the way business is done in China - it's all about never, ever backing down, and never ever losing face. Of course that's how the rest of the world sees China - they, of course lack the insight to see how foolish this proud approach to business makes them appear.
And the sale of the Bauxite mine for an "undisclosed sum" is the price of a man's freedom in modern Chinese.
Shame on them ... but good on them for capitalising on the weakness of their business adversaries at the same time. Never let a chance go by - they must have been orgasmic when they captured Stern Hu!
Their "never lose" approach loses them more business, and more friends that it gains them, and leads to animosity and angst that could have been avoided, and makes them the pariah of the investing world.
So the cost of freedom for Stern Hu has been revealed at last - the "sale for an undisclosed sum" (insert "gift") of an obscure Ghanian bauxite mine.
Now, we may yet go through the facade of a 'trial" and probably a further period of imprisonment. Or worse. Or Hu may be sent home with cancellation of his Chinese Visa, and "all charges dropped."
You never know with the Chinese - any amount of leverage, anywhere, any time.
Stuff human life.
"Business at all costs" is all the go in the olde dynasty - which just goes to show the hyoscrisy of the pseudo-communist / quasi-capitalist system in place there.
http://www.abc.net.au/news/stories/2010/02/04/2809779.htm?section=justin
LONDON - Rio Tinto Alcan, the aluminium division of the global mining giant, announced the sale of its controlling stake in the Ghana Bauxite Company to Chinese firm Bosai for an undisclosed amount.
"Rio Tinto Alcan announces that it has sold its 80 per cent share of the Ghana Bauxite Company Limited (GBC) to Bosai Minerals Group," it said in a statement.
The group, which did not disclose any financial details about the transaction, added that GBC was no longer part of its long-term strategy.
GBC, which operates in western Ghana's Bibiani Anhwiaso Bekwai District, employs nearly 300 people and produced about 800,000 tonnes of bauxite in 2008.
*********************************************
So reads the headline, but what is NOT disclosed is the fate of Hu Stern, who was kidnapped by the Chinese as a spy, when working as a negotiator for Iron Ore contracts, for the Australian arm of RIO.
My guess is that the "undisclosed sum" was probably a pittance, given the animosity between China and RIO over the "bribery" affair, where China accused Stern Hu and three others of stealing state secret information to use against China in negotiating the next contract price for Iron Ore from Australia.
http://www.miningaustralia.com.au/Article/Rio-Tintos-Stern-Hu-formally-charged-in-China/494219.aspx
Rio Tinto's Stern Hu formally charged in China
13 August 2009 | by Michael Mills
Rio Tinto executive Stern Hu has been formally charged with trade secrets infringement and bribery by China's Supreme People's Procuratorate after being detained for 38 days, Chinese media reported.
According to news agency Xinhua, investigations showed that Hu and three other Rio employees, Liu Caikui, Ge Minqiang and Wang Yong, had violated Chinese criminal law by obtaining commercial secrets of the country's steel and iron industry through improper means.
The authorities claim to have also found evidence proving they were involved in commercial bribery.
Rio Tinto iron ore chief executive Sam Walsh yesterday told journalists he was confident the employees had no case to answer.
“The charges have been downgraded and I think that reflects what we've been saying all along, which is that we don't believe there's any evidence of wrongdoing,” he said.
“We have a code of conduct and our employees have followed that.
“From what we understand, this is a normal commercial market situation.”
China’s Vice Minister of Commerce Fu Ziying said the Rio Tinto case will not hurt trade and economic ties between China and Australia, Xinhua reported.
"This is an isolated judicial case and the decision will undoubtedly be fair," he said.
Stern Hu, a Chinese-born Australian citizen, was general manager of Rio Tinto’s Shanghai office.
He was visited by Australian Consular officials for the second time earlier this week and did not report any welfare or medical concerns.
The four employees were detained in Shanghai on 5 July, accused of espionage and stealing state secrets.
*********************************************
But the latest news is that the cases are to go back to court:
Rio executive Stern Hu likely to face Chinese court
http://www.adelaidenow.com.au/busin...ce-chinese-court/story-e6fredhu-1225817989008
THE Federal Government says there may be further delays in the case against Australian citizen and Rio executive Stern Hu.
Mr Hu, the Shanghai-based head of Rio's iron ore operations in China, was detained by the Chinese government on July 5 along with three Chinese colleagues on suspicion of stealing state secrets.
He could find out today if he will face a Chinese court on espionage charges.
"Today is an important date because it's a deadline in terms of whether further time will be sought for investigations or in fact charges will be laid,'' Acting Foreign Minister Simon Crean told the ABC.
"There is the potential for a further extension.''
The Australian government has been urging a speedy resolution of the case against Mr Hu since his arrest amid high-level iron ore price negotiations between Rio and Chinese steel mills.
Mr Crean is confident China will adhere to its legal obligations.
"We have urged transparency, we have urged expedition ... we also argue appropriate process of law and we will continue to monitor that.''
*********************************************
What we can now expect, is to see China drop all charges and Stern HU, Liu Caikui, Ge Minqiang and Wang Yong will be acquitted.
This is the way business is done in China - it's all about never, ever backing down, and never ever losing face. Of course that's how the rest of the world sees China - they, of course lack the insight to see how foolish this proud approach to business makes them appear.
And the sale of the Bauxite mine for an "undisclosed sum" is the price of a man's freedom in modern Chinese.
Shame on them ... but good on them for capitalising on the weakness of their business adversaries at the same time. Never let a chance go by - they must have been orgasmic when they captured Stern Hu!
Their "never lose" approach loses them more business, and more friends that it gains them, and leads to animosity and angst that could have been avoided, and makes them the pariah of the investing world.
So the cost of freedom for Stern Hu has been revealed at last - the "sale for an undisclosed sum" (insert "gift") of an obscure Ghanian bauxite mine.
Now, we may yet go through the facade of a 'trial" and probably a further period of imprisonment. Or worse. Or Hu may be sent home with cancellation of his Chinese Visa, and "all charges dropped."
You never know with the Chinese - any amount of leverage, anywhere, any time.
Stuff human life.
"Business at all costs" is all the go in the olde dynasty - which just goes to show the hyoscrisy of the pseudo-communist / quasi-capitalist system in place there.
