A MAJOR corruption probe is under way into the former heads of the Chinese state-owned Guangdong Rising, the owner of recently liquidated Caledon Coal.
Chinese media is reporting former chairman of the Chinese state-owned enterprise Li Jinming was handed to prosecutors for investigation after the company’s Australian investments, including Caledon Resources, lost more than $1billion.
The South China Morning Post reported the company suffered losses of more than $1billion on its investments in Australia, made from 2008-2012 after commodity prices were hit by the global financial crisis.
It spent $500million on Caledon Resources, the owner of Cook Colliery underground coal mine and a part-owner of Wiggins Island Coal Ex…
Read the full article at: https://www.gladstoneobserver.com.au/news/major-corruption-probe-after-caledon-owners-1bn-au/3239262/