The Rise& Fall of Du Shuanghua

Du Shuanghua was born in 1934 in Shaoxing, Zhejiang province. After graduating from Beijing University, he worked at a state-owned company before joining CISA in 1982. He became its vice president in 1989. In 1992, Du Shuanghua founded Rizhao Steel Group.

In 2004, he was named Chairman of Rizhao Steel, while Chen Shuping was designated as his successor. Du took over the chairmanship after Chen was demoted on suspicion of corruption. According to Chinese media reports, Du Shuanghua made $2 million in illegal gains during Chen’s tenure as President of CISA.

The charges against him include “fraudulence” and “theft.” As such, the allegations about Du are very serious. However, his testimony could have value if it can prove that Chen lied under oath at the trial of Rio Tinto executives.

Chen Shuping was arrested and sentenced to death for embezzlement and taking bribes worth $12.8 million, but then freed by China when Lu Yongxia, wife of former Politburo member Bo Xilai, intervened with Premier Wen Jiabao.

His role in the case received considerable attention in the Western press due to his proximity to high-level government officials. It was later revealed that Chen had accepted bribes from Rio Tinto. During the trial, Chen claimed that the money came from overseas business deals or donations from various businesses and companies. The trial ended in March 2011.

Rio Tinto Ltd., and two other subsidiaries owned by the mining company, were charged with bribing Chen Shuping and other managers.

In October 2012, Du Shuanghua appeared before an audience of journalists outside the court, where he denied any knowledge of corruption.

On 15 September 2013, Du made his first public comments since the sentencing:

He told reporters that he was not involved in accepting bribes from anyone or colluding with them.

The same day, the Economic News announced that Du Shuanghua is still in charge of the Chinese subsidiary of Rio Tinto’s iron ore operations which includes the world’s largest steel producer.

He stepped down earlier this month, but he remains head of the group.

Read more here: https://techbullion.com/an-introduction-to-du-shuanghua-chairman-of-rizhao-steel/

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