| Any comments? | |
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| Jul 14, 2009 19:52 | #21   |
 | I have no idea how it works, specifically what is the max. time that a suspect can be detained before bringing a suit with reasonalble evidence against him. Since this executive is Aussie passport holder, extradition is applicable if he violates PRC business law, i think. M. |
| Jul 14, 2009 22:49 | #22 |
| You should learn how your own countries legal system works Marrie. He is not being charged under PRC "business law" as you say. China has stated categorically that he is going to be charged with stealing state secrets! That's not "business law"! The maximum penality for that is life imprisonent or death. Extradition is not allowed for foreign passport holders by China in espionage cases. He can be held incommunicado for six months before charges are laid. The trial can be held "in Camera" and evidence is uncontestable. |
| Jul 15, 2009 18:09 | #23 |
| It depends on how significant the impact is on China's macro economy. Iron ore is related to major national industries like constructions, cars, etc. As per Shanghai Daily, the stolen data state iron ore inventory level and purchasing plan that belong to internal confidential infomation at business level. If the stealing behavior lead to affect national economic goal, the case could be escalated to criminal law suit. M. |
| Jul 15, 2009 20:41 | #24 |
| "It depends on how significant the impact is on China's macro economy"....."case could be escalated to criminal law suit." Read this carefully Marrie. China has categorically stated that Stern Hu will be charged with stealing state secrets. NOT BUSINESS LAW! The U.S. commerce secretary, Gary Locke also now became involved. He said he will raise the issue with Wen Jiabao at a meeting today. His comments were reported in the media this morning.. "We just need to continue to press China for transparency, fair enforcement of laws and openness to foreign investment and cooperation", Mr Locke said. “This is of course a great concern with respect to US investors, multinational companies from around the world that have projects here, that are involved in energy." "We need to have transparency, we need to have assurances and confidence that people working for these multinational companies, international companies, American companies will be treated fairly". China has succeeded in alienating itself from the entire world. |
Last edited by BOBERT: Jul 15, 2009 20:46 |
| Jul 15, 2009 21:36 | #25 |
| "We just need to continue to press China for transparency, fair enforcement of laws and openness to foreign investment and cooperation", Mr Locke said. This statement is mediocre in a diplomatic way and is exactly the message China media is sending. However, if a state is being threatened economically or militarily, I believe every country will take the same action as China does. Like current Financial Crisis which mainly caused by human ggreed instead of natural business cycle, CIA or FBI on behalf of the Fed Gov. are settling after math accounts or even more the 'economic criminal ' could disappear mysteriously. So what's the difference between? |
| Jul 15, 2009 22:08 | #26 |
| It's pointless discussing this further with you Marrie. Your mind is closed. |
| Jul 16, 2009 18:58 | #27 |
| Rob, our discussion had better be stopped here. The significance of this case would go far beyond what we can expect. Personal opinions, "Selling' National scale purchasing strategy that affects constructions, car, commodity future and spot market could be charged with comitting treason for the Chinese executives and officials who were involed in bribing and selling state level confidential infomation... |
| Jul 26, 2009 16:06 | #28 |
| Rio Tinto is most likely to slip into financial difficulties. China's purchasing consists of 30% of Rio Tinto's iron ore sales,but the big portion of revenue cannot be guarenteed any more in the future. And iron ore supplies from Australia consists of 7% of the total needs in China. According to the purchasing budget this year, the rest of 4% will be switched to another iron ore giant located in Brazil. With the continued slow down of US economy and developemnt of green energy, it's questionable that china will continue importing energy as much as before. Besides, the latest news says Rio Tinto with its stock listed in NYSE could be suspended due to the scandle related to bribe, commercial spy and corruption that cast a big shadow on its integrity of its financial report and most importantly its future growth. Rio Tinto is to plunge into difficulties... |
| Jul 27, 2009 01:06 | #29 |
| "Besides, the latest news says Rio Tinto with its stock listed in NYSE could be suspended due to the scandle related to bribe, commercial spy and corruption that cast a big shadow on its integrity of its financial report and most importantly its future growth. Rio Tinto is to plunge into difficulties" You really have no idea what your talking about Marrie. Rio Tintos share price has gone from A$47.50 to A$60.00 in the last two two weeks alone! That's 25% rise in two weeks! It's BOOMING!! It's gone up another 3.5% just TODAY! This is a chart of Rio Tintos share price; http://www.asx.com.au/ Does this look like a company that could be suspended? Does this look like a company in financial difficulties? What nonsense! The Brazillian company you refer to is "Vale" and commodities bought from them are much more expensive than from Rio due to the shiping costs. China is not going to pay more than it already has to. Your whole story is rubbish! Rio Tinto is not even listed on the NYSE! Its dual listed in London and Sydney.. ONLY! Stop making up ridiculous stories Marrie! I won't even bother responding to your infantile garbage anymore. |
| Jul 27, 2009 18:10 | #30 |
| Bobert, China has alternative vendor like 'Vale' who intends to offer competitive quotes considering the purchansing volum from China whose purchasing power in iron ore is 50% of global needs. Due to financial difficulties and sluggish sales at the end of last year, Rio Tinto sold to a British owned BSGResourcesLtd half of its mining assets in Simandou, Africa, a project that is expected to iro ore production as high as 70,000,000 tons. According to AXSMarine, the iron ore shipping is drastically reduced at Australian ports, while the shipping volum touched record high this April in Brazlian ports, As far as its stock listed in NYSE, according to ForeignCorruptPracticesAct, Tinto Rio could be fined thousands of millions considering its executive level officers committing bribing foreign government officials. Therefore, this case has affected Rio Tinto's trading in the short term and casted a significant uncertainty for the long run. |
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