Du Shuanghua, one of China’s wealthiest people and a top steelmaker, has been implicated in the trial of four Rio Tinto executives, which concluded today in Shanghai. From the Financial Times:
Mr Du – who was China’s second-wealthiest man in 2008, according to the Hurun rich list – gave $9m to Wang Yong, one of the accused Rio executives, the court was told.
Mr Wang’s lawyer says his client denies that the money was a bribe, but rather a loan to buy shares in Hong Kong.
The four executives of the Anglo-Australian mining giant are on trial for bribery and stealing commercial secrets. But their trial is closed to the media, which must rely on defence lawyers’ accounts of what was said in court.
Allegations against China’s wealthy businessmen are not unusual. Huang Guangyu, the richest man in 2008, is expected to go on trial soon facing accusations of bribery, insider trading and illegal business dealings. He has been detained since late 2008.
