BEIJING // Stern Hu, the Australian iron ore executive for Rio Tinto in China, has pleaded guilty in a Shanghai court to bribery charges, says the lawyer for one of Mr Hu's colleagues who is facing the same charge.
The case has had a high international profile, particularly as the four were arrested soon after Rio Tinto rejected a US$19.5 billion (Dh71.61bn) investment by the Aluminium Corporation of China (Chinalco), a state-owned company based in Beijing.
Mr Hu was accused of receiving about 6 million yuan (Dh3.2m) of bribes, the lawyer said yesterday.
The Australian executive and three Chinese citizens have been held in custody since July last year and could face prison sentences of between five and 15 years on the bribery charges alone.
Tao Wuping represented Mr Hu's colleague, Liu Caikui, at yesterday's hearing at the Shanghai court, where media coverage was restricted. Mr Liu, who faces bribery charges involving about 3.7m yuan, "doesn't plan to plead innocence", Mr Tao said.
Another defendant, Wang Yong, is facing charges for amounts totalling 70m yuan, while the fourth, Ge Mingqiang, is accused of taking bribes of 6.9m yuan, said Mr Tao, who added that prosecutors were asking for jail terms of more than five years for the bribery charges.
The court's website says the four also infringed commercial secrets.
Last month, prosecutors issued indictments that said the men had on several occasions sought or accepted illegal bribes from Chinese steel firms and had "exploited their positions to seek gain for others".
The charges are thought to relate to talks held last year over iron ore prices, with Chinese steel makers having rejected Rio Tinto's offer of a 33 per cent price cut.
This year's negotiations have also run into difficulties, with the China Iron and Steel Association having said this month that Chinese steel makers were unhappy with proposals from Rio Tinto, Vale and BHP Billiton, the largest suppliers, to increase prices by 90 per cent.
The fraud case has had a high profile in Australia and the country's prime minister, Kevin Rudd, said close attention would be paid to the trial. "China has a different legal system to Australia," Mr Rudd said. "China has a different legal system to the rest of the world. The world will be watching very closely how the trial is handled."
Other Australian politicians have said the trial should be held in public. Foreign reporters were barred from yesterday's proceedings, while Chinese journalists and Tom Connor, the Australian consul general, were allowed entry, although diplomats are likely to be excluded from parts of the proceedings relating to the breaching of commercial confidentiality.
The Chinese authorities have insisted they will "fully guarantee" the rights of the four defendants.
Tom Albanese, the chief executive of Rio Tinto, said yesterday in Beijing his company, the third-largest mining firm in the world, needed a "positive relationship" with China.
"I can only say we respectfully await the outcome of the Chinese legal process," Mr Albanese said. "This issue is obviously of great concern to us, as it would be for any company operating in China."
Chinalco last week agreed to pay $1.35bn for a 44.65 per cent stake in a Rio Tinto iron ore project in Guinea. Chinalco is also the largest shareholder in Rio Tinto, which has its headquarters in Melbourne and London.
Last year, Rio Tinto's sales to China reached almost a quarter of its total revenue, up from less than a fifth the year before, and overtaking sales to North America and Europe. Since 2004, the proportion of Rio Tinto sales to China has doubled.
Vivienne Bath, an associate professor at the Sydney Law School at the University of New South Wales, said the Chinese authorities were keen for the trial to send a message that fraud was unacceptable in China.
"What they are interested in is a clean business environment generally, and that puts you on notice that giving or taking bribes is not an acceptable way of doing business in China," Ms Bath said.
* with Bloomberg
business@thenational.ae
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
More coverage from the Future Forum
Ten10 Cricket League
Venue and schedule Sharjah Cricket Stadium, December 14 to 17
Teams
Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan
Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad
Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider
Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider
Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah
Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Turkish Ladies
Various artists, Sony Music Turkey
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Boston%20Strangler
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Matt%20Ruskin%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EKeira%20Knightley%2C%20Carrie%20Coon%2C%20Alessandro%20Nivola%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Red Joan
Director: Trevor Nunn
Starring: Judi Dench, Sophie Cookson, Tereza Srbova
Rating: 3/5 stars
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
