China Resources Power mining deal to be completed 'within 20 days'
Beijing steps in to ensure permits are finally signed for controversial Shanxi venture, which has led to graft claims against former chairman
The controversial 7.9 billion yuan mining rights deal at the heart of corruption allegations against state-backed China Resources Power is expected to be completed in 20 days.
The source, who declined to be identified due to the sensitivity of the issue, told the Beijing had weighed in to ensure local government officials in Shanxi - where the mines are located - sign permits that should have been inked a year ago. CRP will pay the remaining 3.7 billion yuan (HK$4.6 billion) once they secure the mining rights. It has already paid 4.2 billion yuan.
By completing the deal, the management hopes to send out a message that the company's overall business strategy will not be affected by the controversy.
Li Jianjun - a former mainland journalist whose corruption accusation against former CRP chairman Song Lin sparked the investigation - said yesterday he would pass more information to the Hong Kong law enforcement authorities for them to build a case against CRP's top management.
"I will meet them tomorrow morning," Li said. "I expect it to be a long meeting which may not finish by afternoon."
Li has lodged complaints with the Independent Commission Against Corruption and the police commercial crime bureau about alleged irregularities.
