When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Monday, March 25, 2013

Missing Chinese Tycoon

How about this for a "progressive" nation--

" . . . The newspaper Shanghai Securities News said Liu was detained by Beijing police in mid-March while on a business trip to the Chinese capital but gave no indication why he might have been picked up. Chinese police regularly detain people for lengthy questioning without charge or public notice. Liu's main company, Sichuan Hanlong Group, owns a 13 percent stake in General Moly, a Colorado miner of molybdenum, a mineral used to harden steel. Hanlong was arranging financing for a General Moly mine in Nevada. A Hanlong spokesman who would give only his surname, Su, said, "I am unclear about this," when asked whether Liu was detained and where he was. . . . Liu's Hanlong is part of a wave of Chinese energy and mining companies that are buying assets abroad in Australia, Africa and elsewhere in hopes of profiting from growing global demand. The biggest acquisitions have been made by state-owned companies, but the role of smaller, private companies is growing. Liu and his ex-wife were detained in Beijing before they returned to his home province of Sichuan, the Shanghai Securities News said, citing unidentified sources. It said other relatives were detained in Sichuan. Beijing police did not respond Thursday to questions by phone and fax about whether Liu was detained. A search for Liu's name on China's most popular microblog service, Sina Weibo, returned the notice, "according to relevant laws and regulations, the results for 'Liu Han' are not displayed" - a possible sign authorities were trying to suppress discussion of his disappearance. Liu was No. 148 last year on Forbes magazine's list of the richest Chinese businesspeople, with a fortune estimated at $855 million. . . ." Read more here: http://www.miamiherald.com/2013/03/21/3297894/chinese-company-looking-for-missing.html#emlnl=Business#storylink=cpy

Lesson: don't compete with state-owned enterprises in China


The Big Picture

Financial Crisis - The Telegraph

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