Word: tinto
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...arrests come weeks after the collapse of a bid by Chinalco, a state-owned Chinese aluminum manufacturer, to invest $19.5 billion in Rio Tinto. That timing prompted some observers to suggest that the arrests were retaliation for the spurned investment. (Read "Another Deal Blown, Where Will China Invest...
...Speaking to reporters yesterday, Rudd issued his toughest comments yet in the case of Stern Hu, a Chinese-born Australian executive with mining giant Rio Tinto. Last week the Shanghai State Security Bureau arrested Hu and three Chinese colleagues on suspicion of industrial spying and stealing state secrets related to iron-ore prices. The arrests came amid acrimonious ore-price negotiations between Chinese steelmakers and global mining companies. (See pictures of Chinese investment in Africa...
...Rudd, a Mandarin speaker who once served as a diplomat in Beijing, has pushed for closer relations with China, Australia's biggest trading partner. Until now his government has avoided "megaphone diplomacy" in the Rio Tinto case, but pressure from the opposition has led Rudd to take a much tougher stand as Hu nears two weeks in detention. "A range of foreign governments and corporations will be watching this case with interest and be watching it very closely," Rudd said. "And they'll be drawing their own conclusions about how it is conducted." (Read "China Buys Australia On the Cheap...
...Secrecy in China's criminal-justice system has made it difficult to find out the specifics of the charges against Rio Tinto employees. But China Daily, a state-run newspaper, reported yesterday that the multinational company's representatives allegedly bribed officials from 16 Chinese steel mills who were participating in negotiations over iron-ore prices. The story quoted an unnamed manager at a large steel company who said that Rio Tinto paid for industry data, which was "an unwritten industry practice." Rio Tinto officials denied its employees stole state secrets and said the company's ethics policies forbid bribery...
...scuppered deal enabled Rudd, whose administration would have had to rule on whether a Chinalco - Rio Tinto tie-up would hurt national security, to sidestep a political grenade. Rudd's political opponents have called him a "Manchurian Candidate" who has allowed China to gobble up Australia's national treasures. The charge is unfair; he's no apologist for the communist rulers in Beijing. (In Taipei, where Rudd studied Mandarin, his home was the wonderfully named Republic of China Anti-Communist Recover the Mainland International Youth Activity Center.) Rudd wrote his university thesis on the trial of leading democracy activist...