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Yunnan Tin chairman arrested on bribe charges

Keywords: Tags  Lei Yi, Yunnan Tin, alleged bribery, arrest, Xinhua News Agency, tin, Leed International Education Group, Li Hongtao Goldman Sachs

SHANGHAI — Lei Yi, chairman of Yunnan Tin Co. Ltd., was arrested and charged with allegedly accepting 20 million yuan ($3.3 million) in bribes, China’s official Xinhua News Agency reported.

Lei allegedly received bribes from four people, including Leed International Education Group chairman Li Hongtao, the report said.

Leed was formed in 2008 as a joint venture between New York-based Goldman Sachs Group Inc. and Beijing National Education Group, the Financial Times reported Oct. 9.

Goldman Sachs declined to comment, but there is no suggestion that the bank behaved improperly.

Yunnan Tin, the world’s largest producer of refined tin, couldn’t be reached for comment.

On July 6, Yunnan Tin said Lei’s corporate duties had been assumed by a deputy as Lei was under investigation for "serious discipline violations."

Yunnan Tin produced about 70,000 tonnes of refined tin last year, nearly double the output of No. 2 producer Malaysia Smelting Corp. Bhd.

A version of this article was first published in AMM sister publication Metal Bulletin.

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