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Turning 18 Million Yuan Into 10 Billion

Zhang Xinming, chairman of the acquired company Shanxi Gold Coking, was dubbed "the richest man in Shanxi Province," "Shanxi's No. 1 Coal Boss," and "Gambling Tycoon of Shanxi." In Shanxi, it is not uncommon for new-rich coal bosses to gamble in Macau, intervene in local government affairs, and collude with local officials.

Rumors of illegalities including being connected to gangsters, swindling bank loans, bribery, tax evasion, setting up kangaroo courts, and manipulating the judicial system have accompanied Zhang for some time. He was punished by police for illegal detention and wanted for illegally crossing the border with forged documents, though he managed to escape unscathed each time.

It is difficult to know how much Zhang has profited from China Resources' controversial merger of Shanxi Gold Coking. But it is clear that Zhang will soon rake in over 10 billion yuan after winning a series of legal battles over the ownership of Daning Jinhai Coal Mine (Jinhai Coal Mine).

Issue 381
Print:2014-01-13
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Enhancing interconnectedness of infrastructure, promoting financial cooperation, and increasing the use of RMB in trade settlement will be the priorities of future economic cooperation between China and ASEAN.
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