Power industry exec detained over coal investment

Authorities have detained China Resources Power’s (0836.HKG) president Wang Yujun, as well as Shanxi Jinye Coking Coal founder Zhang Xinming, allegedly the two biggest beneficiaries of a controversial 2012 coal deal, South China Morning Post reported, citing shareholder and activist Li Jianjun. In 2012, CRP paid Zhang’s company RMB7.9 billion (US$1.2 billion) to buy three coal mines, enraging minority CRP shareholders, who alleged that the mines were bought at an inflated price. “Zhang’s detention is most definitely tied to the deal he has done with China Resources,” said Li Jianjun. “Another reason why the police detained him was because of his involvement in organised gang crime and money laundering,” Li added.