| Rio Tinto fires Stern Hu after guilty verdict | |
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| Mar 29, 2010 22:15 |   |
 | source: http://money.ninemsn.com.au 30/03/2010 8:30:00 AM Rio Tinto Ltd says it will terminate the employment of four of its staff convicted in China, including Stern Hu, who had behaved in a "deplorable" manner. "We have been informed of the clear evidence presented in court that showed beyond doubt that the four convicted employees accepted bribes," Rio Tinto said in a statement late on Monday. "By doing this, they engaged in deplorable behaviour that is totally at odds with our strong ethical culture. "In accordance with our policies, we will terminate their employment." The four former Rio Tinto executives were on Monday sentenced to jail terms ranging from seven to 14 years after being found guilty of stealing information on the steel production of Chinese giant Shougang, and receiving bribes. Rio Tinto said in the statement that the illegal activities "were conducted wholly outside our systems". This was the mining giant's conclusion after an internal investigation into the claims by independent forensic accountants and lawyers. "This was done to the fullest extent possible," Rio Tinto said. "It did not uncover any evidence to substantiate the allegations of wrongdoing." |
| Mar 29, 2010 22:16 | #1 |
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Rio Tinto said it would "spare no effort in doing everything we can to prevent similar activity". This included improvements to company procedures and the ordering of a further far-reaching independent review of its processes and controls. "We will introduce any necessary additional measures and safeguards the review recommends," the mining giant said. Chief executive Tom Albanese said he was determined that the unacceptable conduct of the four employees would "not prevent Rio Tinto from continuing to build its important relationship with China". "This is a high priority for me personally," Mr Albanese said. "I would like to thank all those who have supported us through this very difficult time, particularly the Australian government." Rio Tinto's comments in the statement were restricted to the charges of receiving bribes. It could not comment on the charge regarding obtaining commercial secrets as it had not had the opportunity to consider the evidence. "That part of the trial was held in closed court and no details of the case were made public until the verdicts and sentences were announced today," the company said. |
| Mar 30, 2010 04:54 | #2 |
| Marrie, Rio Tinto was, in my opinion extremely naïve to post Stern Hu to their Shanghai offices in the first place, along with the others that made up the ‘gang of four’ That doesn’t absolve Hu from any blame however. He was just another opportunistic so called immigrant, who’s only reason for taking up Australian citizenship was to have a safe haven to run back too. He is guilty of besmirching the good name of many Chinese/Australians, who are widely regarded as hard working citizens. They should have given him 20 years. Dodger. |
| Mar 30, 2010 21:56 | #3 |
| Dodger, The yardstick amount of bribery and defalcation that is enought to imprison the communist party high rank officer to dealth or death sentence, I think is ranging from 0.5-1 million RMB. Stern Hu. deplorable behavior is not worth 10 life behind the bar. Hope mainland China continues moving forward in terms of washing corrupted ones. |
| Apr 4, 2010 02:29 | #4 |
| Quote:Originally Posted by DODGER That doesn’t absolve Hu from any blame however. He was just another opportunistic so called immigrant, who’s only reason for taking up Australian citizenship was to have a ... I agree entirely. However it's interesting to note that the man who admitted paying Stern Hu almost $US 1 million in bribes, Du Shuanghua, has not yet been charged. |
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