China arrests chairman of world's largest tin producer over bribes
BEIJING (REUTERS) - Chinese authorities have arrested and charged the chairman of the world's largest producer of refined tin, Yunnan Tin Co, for accepting bribes, a provincial government said, in the latest example of the country's crackdown on graft.
President Xi Jinping has made fighting corruption a key plank of his new administration, saying the problem is so severe it could affect the ruling Communist Party's survival.
Yunnan Tin chairman Lei Yi had been charged with taking 20 million yuan (S$4 million) in bribes from four people, the Yunnan government said on one of its official websites, including from the chairman of a company called Leed International Education Group in which Goldman Sachs has a stake. Goldman Sachs declined to comment.
The Yunnan government website said Lei had taken money from Leed's chairman Li Hongtao to help smooth the way for Leed to buy Yunnan Tin's 45 per cent stake in a private college which both companies had set up in 2009.