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Arrested chairman of Yunnan Tin faces bribery charges
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Chinese authorities have arrested and charged the chairman of Yunnan Tin Co, the world’s largest producer of refined tin, for accepting bribes, in the latest example of the country’s crackdown on graft.
Lei Yi, the company’s chairman, had been charged with taking 20 million yuan (US$3.27 million) in bribes from four people, the Yunnan provincial government said. The four included the chairman of a company called Leed International Education Group in which Goldman Sachs has a stake. Goldman Sachs declined to comment.
The provincial government website said Lei had taken money from Leed Chairman Li Hongtao to help smooth the way for Leed to buy Yunnan Tin’s 45 percent stake in a private college which both companies had set up in 2009.
The website report made no mention of Goldman Sachs, saying simply that Leed was co-founded by a “foreign investment group.”
A person familiar with the matter said Goldman Sachs’ private equity arm signed a deal with Li in 2008, in a deal worth about US$70 million that ultimately formed Leed.
Yunnan Tin, in a statement to the Shenzhen Stock Exchange where the company is listed, said it was aware of Lei’s arrest. The firm’s vice chairman would take over Lei’s duties and the company was operating normally, it added.
The company had said on July 6 that Lei was under investigation for “serious discipline violations,” a phrase normally used to describe corruption. It was unclear if Lei had a lawyer.
Yunnan Tin had output of around 70,000 tons of refined tin last year, nearly double the No. 2 producer, Malaysia Smelting Corp Bhd.
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