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79:. Chinalco currently owns 9.3% of Rio Tinto; the additional investment would have raised Chinalco's ownership stake in Rio Tinto to 18.5%. The proposed deal met strong political opposition in Australia, and Rio Tinto decided instead to raise the money through existing shareholders and by forming a joint venture with
106:
Accusations posted on a website controlled by the
Chinese State Secrets Bureau, alleging that large amounts of "intelligence and data" have been found on computers of the arrested Rio Tinto employees. A report on publishing website affiliate of China's national secrets watchdog accused Rio Tinto of
50:
Following the trial, Stern Hu was sentenced to 10 years jail. Hu and other convicted executives have also had their employment terminated by Rio Tinto Ltd. It is reported that the motive behind the terminations is in regards to a breach of conduct, with Rio Tinto accepting the evidence provided
153:
Alex
Vanselow stated that selling iron ore on the open market like copper would mean that deals would be handled in a more transparent manner and that cases like the Stern Hu case would not be possible. Another benefit would be that investors would have a better idea of price trends.
134:
Chongqing
Evening News (重庆晚报) claims that fallout from the espionage scandal, on July 5, has caused Rio Tinto damages to its reputation worth up to 100 billion yuan in share price (US$ 14.6 billion, 17.4 billion AUD) after dropping from highs of 77 AUD on the
139:. Share market data shows that Rio Tinto stock actually started to decline on 12 June, 23 days before the espionage case scandal was reported on, reaching the bottom on July 13 at 46.63 AUD before steadily rising to a price of 59.99 AUD as of August 15.
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The arrests came during difficult negotiations over the price of iron ore for the 2009-2010 period. After steep increases in 2008, Chinese steelmakers hoped to see iron prices come down again because of the
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The government dropped the charges relating to the alleged theft of trade secrets before the trial, and the defendants admitted to having received bribes during the trial.
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data showed that Rio Tinto's global iron ore revenue in the 5 years from 2004 to 2008 were US$ 41 billion. Jiang consequently admitted to using fabricated data from
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64:. The Rio Tinto employees are accused of having industry data crucial to the negotiations too detailed to have been obtained legally. On Thursday, July 16
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Rio Tinto was accused of causing US$ 100 billion worth of damages to the
Chinese economy over a 6-year period, by Jiang Ruqin, a Chinese employee with the
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107:"winning over and buying off, prying out intelligence... and gaining things by deceit", during critical annual iron ore pricing negotiations.
28:, in the People's Republic of China, who were subsequently accused of bribery and espionage. Two days later, an import executive of the
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showing instances of bribery. Rio Tinto stated that the trial will not affect business ties, according to its chief executive.
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reported that Rio Tinto had evacuated its iron ore and steel industry research staff from
Shanghai the day before, as had "
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The arrests also came shortly after Rio Tinto declined to sell part of the company to the
Chinese state-owned company
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In August 2009, BHP Billiton called for iron ore to be traded on an open market like other commodities. BHP
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with the
Chinese side being represented by CISA. Traditionally the role of the Chinese side was filled by
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528:"Henry Kissinger paid $ 5m to steer Rio Tinto through Stern Hu debacle and consolidate China links"
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464:"Rio Tinto espionage case causes damage to commercial reputation worth 100 billion yuan"
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and three
Chinese colleagues, Wang Yong, Ge Minqiang, and Liu Caikui, went on trial in
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other foreign groups... until conditions there become more certain.
437:"Rio Tinto Accuser Says Article Was His Own Opinion (Update5)"
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Administration for the
Protection of State Secrets. However,
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began with the arrest on 5 July 2009, of four staff in the
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Regan, J 'Rio Tinto moves iron, steel staff out of China'
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Qi, Z & Hao, T 'Bribery is widespread' in Rio case,
320:'Iron ore pricing system near collapse as talks go on',
146:, to advise the company how to distance itself from Hu.
365:"China detains Rio Tinto executive on spying charges",
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was also arrested. The Rio Tinto employees, Australian
557:"BHP: iron ore reform could have prevented Rio case"
381:"China drops CISA being in charge of iron ore talks"
222:"Rio Tinto signs mining deal with China's Chinalco"
198:(in Chinese). 南方网-腾讯网. 15 July 2009. Archived from
485:"Google Finance: Rio Tinto (Public, ASX:RIO)"
409:"Chinese website slams Rio Tinto "espionage""
8:
592:Analysis of the espionage case by Stratfor
597:"The Rio Tinto case in the Chinese media"
248:"Chinese court sentences Hu to 10 years"
102:Chinese State Secrets Bureau accusations
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586:Coverage of the iron-ore pricing issue
281:Rio Tinto fires Hu, other jailed execs
379:Sainsbury, Michael (20 August 2009).
301:China bond won't be broken: Rio Tinto
268:Hu given 'tough sentence', says Smith
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182:Govt: Proof against Rio spies sticks
506:"ASX: Rio Tinto (Public, ASX:RIO)"
86:Rio Tinto negotiated on behalf of
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613:Espionage scandals and incidents
407:Foster, Peter (10 August 2009).
142:Rio Tinto paid US$ 5 million to
580:Detailed coverage of the affair
526:Garnaut, John (27 March 2015).
90:, BHP Billiton and itself as a
137:Australian Securities Exchange
126:newspaper for his accusation.
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588:(Chinese media, in English)
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44:on Monday, 22 March 2010.
618:Australia–China relations
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120:China Central Television
18:Rio Tinto espionage case
623:Rio Tinto (corporation)
532:Sydney Morning Herald
322:Sydney Morning Herald
299:AAP, March 29, 2010,
279:AAP, March 29, 2010,
266:AAP, March 29, 2010,
253:Sydney Morning Herald
369:, August 2009, p.11.
195:莱钢海运部门负责人"涉力拓间谍案"被调查
414:The Daily Telegraph
367:Mining Engineering
306:2010-04-01 at the
286:2010-04-01 at the
124:China Youth Daily
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228:. 19 March 2010
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599:(Danwei.org)
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607:Categories
170:References
92:consortium
55:Background
562:16 August
511:15 August
490:15 August
469:15 August
448:15 August
421:15 August
392:20 August
130:Aftermath
116:Bloomberg
26:Rio Tinto
417:. London
304:Archived
284:Archived
232:20 March
226:BBC News
164:Stern Hu
158:See also
122:and the
96:Baosteel
77:Chinalco
42:Shanghai
38:Stern Hu
22:Shanghai
354:Reuters
206:18 July
66:Reuters
541:6 July
564:2009
543:2018
513:2009
492:2009
471:2009
450:2009
423:2009
394:2009
234:2010
208:2009
88:Vale
32:and
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