Rio Tinto restructures its China operations
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China's business press carried the following stories on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Rio Tinto restructures its China operations—21st Centurial Business Herald
Australian mining giant Rio Tinto began to restructure its operations in China after four of its employees were arrested for bribery and stealing trade secrets last July. The company has suspended cooperation with 20 Chinese steel makers and is conducting an overhaul of its internal management structure.
Rio Tinto said April 14 that it had embarked on improving its internal operations following the bribery case.
"Before the case, the Rio manager we did business with was Chinese, but the person we deal with now is from Britain. There has been a big personnel reshuffle at Rio Tinto," said a source at a steel company based in Hebei Province.
On April 6, 20 Chinese steel companies that had offered bribes to Rio Tinto employees were named by National Business Daily.
Ex-chairman sells Skyworth shares—21st Centurial Business Herald
Huang Hongsheng, the paroled former chairman and founder of Skyworth, has cashed in around HK$900 million worth of Skyworth shares held by his company Target Success Group (TSG) according to a statement issued by the Chinese TV manufacturer on April 13.
After the sale, TSG remained Skyworth's largest shareholder, although its holding fell to 33.45 percent. TSG is wholly owned by Huang Hongsheng and his wife.
"Huang was considered the spiritual leader of Skyworth, so the sale will have an impact on investor and employees," said a Skyworth employee.
Sources close to Huang said he would use the cash to invest in the education sector.
Cofco boosts investment in China Surea—sina.com.cn
Cofco, China's largest grain trader, today announced a deal to invest 270 million yuan (US$39.7 million) in Shaanxi-based grain processor China Surea, raising its stake to 70 percent. The Shaanxi government holds the remaining 30 percent.
Cofco is aiming to use the strength of China Surea in processing, storage and distribution in Shaanxi Province to create the largest food processing complex in China's west.
