29 January 2019
Jiangxi Copper is China’s largest copper producer, and manufactures 340,000 tons of copper annually. Its operations include copper mining, milling, smelting and refining products including pyrite concentrates, sulfuric acid and electrolytic gold and silver.
Li Yihuang is a former Vice Governor of Jiangxi and the President of Jiangxi Copper. On January 17, 2018, Li Yihuang was placed under investigation by the anti-corruption agency.
He was given 18 years imprisonment and a fine of $330,000.
On November 23, 2018, Li Yihuang stood trial for bribery, embezzlement, misappropriation of public funds and abuse of power at the Intermediate People’s Court of Anqing in Anhui. He took advantage of his positions to benefit others in business cooperation, stock right transfers, project contracting and job employments. He was charged with accepting money and property worth more than 7.4 million U.S. dollars personally or through others between 2004 and 2017.
During his presidency Jiangxi Copper paid an inflated price to acquire prospecting rights at a silver mine in Jiangxi province in 2008, causing a loss of $310,000 in state-owned assets, the court said. He caused personnel at Jiangxi Copper to embezzle $22 million of public funds for the benefit of his relatives, the court said. Reuters reported.