China Business & Economy

Bribery Paves Way for Fraudulent Scheme at China’s State-Run Gold Mining Company

Bribery Paves Way for Fraudulent Scheme at China’s State-Run Gold Mining Company
Various gold jewelry at a jewelry shop in Hefei City in eastern China's Anhui Province on November 10, 2009. STR/AFP/Getty Images
Frank Fang
Frank Fang
Reporter
|Updated:
In Liaoning Province, a gold mine with about 0.2 tons of gold reserves was sold to a state-run gold company at a price equivalent to seven tons.
On Nov. 21, China’s state-run newspaper, the Procuratorial Daily announced the partial result of an ongoing corruption investigation into four entities: the state-run mining company, China National Gold Group Company, and its Liaoning Province firm, the gold bureau of the Liaoning provincial government, a geology team under the purview of the Liaoning authorities, and the Jintai-Hongqi Gold Mine and its former owners.
Frank Fang
Frank Fang
Reporter
Frank Fang is a Taiwan-based reporter. He covers U.S., China, and Taiwan news. He holds a master's degree in materials science from Tsinghua University in Taiwan.
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