Sent down – riotinto

Riotinto cowboys locked up by a Chinese court, the ringleader gets ten years. I think i’ll send a postcard.

SHANGHAI (Reuters) – A Shanghai court on Monday sentenced a Chinese-Australian executive of Rio Tinto to 7 years in prison on Monday on charges of accepting bribes and 5 years on charges of stealing commercial secrets.

The Shanghai Intermediate People’s Court said Stern Hu, who headed Rio Tinto’s iron ore operations in China, will serve 10 years, with part of the sentences running concurrently, and will also be fined 500,000 yuan ($73,250), and have 500,000 yuan worth of assets confiscated.

Three other Rio executives, all Chinese nationals, were also sentenced to between 7 and 14 years in prison on bribery and secrets charges.

The court said the infringement of commercial secrets caused a great loss to Chinese steel mills, putting them in a disadvantageous position in iron ore pricing talks.

More here.

Both comments and trackbacks are currently closed.

Trackbacks

Follow

Get every new post delivered to your Inbox.

Join 2,740 other followers

%d bloggers like this: