Iron ore self-made billionaire, Du Shuanghua, spent 2010 M. Night Shyamalan twisting his September 6, 2009 hostel acquisition of Rizhao Iron and Steel Group Co. LTD by Shandong Steel Group Co. LTD. The sale of 30% of his majority stake to Kai Yuan Holdings, a firm run by immediate family members of President HU, wasn’t enough to stop or even slow the deluge of impending capital injected restructuring. Community fear of putsch flared at the time but, the iron-clad deal was becoming elastic; due to it being politically dangerous to Hu.
According to the 2009 deal, Du was to maintain a self-governing hand for the first part of the transition of Rizhao Steel. However, Du Shuanghua had other plans. Selling 33% of his stake, as left after the restructuring, wasn’t in the cards. When prompted, both Shandong Iron and Steel Group LTD and Rizhao Steel Holdings Group Co. LTD touted amicable allegiance was a driving foundation stabilizing the flowing reorganization. SISG’s restructuring stratagem shifted the industry’s focus from inland mining to seaward ventures. On the other shoulder, Du Shuanghua was juggling Rizhuo’s failure to effectuate obligations from a 2007 compact with Mount Gibson Iron Ore Company, resulting in arbitration, another financial blow to Du.
Billionaires will be billionaires. In the public sector or private government, less than above-board dealings lead to more billionaires leading country lists and international lists of who’s who. Du disappeared from the public eye after coming forward with his admission to bribery after forming a trading company in Singapore was the subject of a high-profile espionage court case. 2010 was a busy year for Du Shuanghua. He has not faced any repercussions of his actions. Accounts set up by the magnate have become a topic of worldly discussion. Rizhuo Iron and Steel Group is still mining.
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