He Jinbi, head of Maike Metal International Group, China’s top copper importer, has not been seen in public recently, and is believed to have been detained by Chinese authorities. By the standards of disappearances in China this year, He’s case seems relatively minor. Qin Yaqing appointed as China’s foreign minister in December last year disappeared in July, while defence minister Gen.
Li Shangfu went missing just last month. No official explanations have been forthcoming though it is very likely that Gen. Li at least has been detained on account of corruption in weapons acquisitions made during his previous appointment.
The anti-corruption campaign under Communist Party of China General Secretary and Chinese President Xi Jinping has proceeded in stages with the opening salvos targeting his political rivals as he sought to consolidate his power. As he has grown in authority, the campaign has turned from taking down political rivals to tackling local disobedience of central political and administrative diktats to addressing instability and financial irregularities in the Chinese economy. In general, therefore, disappearances of prominent Chinese public figures today with rare exceptions can be attributed to their being implicated in corruption or financial mismanagement.
But He, the copper tycoon, is not the first big Chinese businessman to go missing or to be investigated by the police. It was announced late last month that Hui Ka Yan, founder of China’s largest real estate company, Evergrande, was under investigation. Hui was once Asia’s richest man and Evergrande, the world’s biggest property developer.
Read more on livemint.com