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  1. onlymoney

    108 posts.

    Latrobe City Council chief executive Paul Buckley said Shanghai Electric was a huge and credible organisation. ''If there was an opportunity for them to invest in the valley in the kinds of projects the council supports, then we would be very happy for them to be here.''
    Tom Arup http://www.theage.com.au/victoria/china-powers-ahead-in-hidden-tender-for-brown-coal-millions-20130806-2rdjt.html


    2006 - Shanghai Electric is halted --- Hong Kong exchange suspends share trade amid fraud inquiry.
    http://www.hkhkhk.com/engpro/messages/2123.html

    January 2008 - Wang Chengming, chairman of the state-owned Shanghai Electric Corporation, (former MD of Shanghai Electric Group), was given a suspended death sentence,
    http://www.theguardian.com/world/2008/jan/04/china.motorsports

    August, 2012 - The mainland's biggest corruption case in more than a decade moved a step closer to its conclusion yesterday, with six men sentenced in a multibillion-yuan Shanghai pension fund case…
    Two former directors of the state-owned Shanghai Electric Group were also sentenced...Han Guozhang was jailed for life for accepting 6 million yuan in bribes. His partner, Li Songjiang , was given a three-year sentence for bribing other people.
    http://www.scmp.com/article/609068/six-jailed-shanghai-pension-graft-scandal

    August 2012 - Oversight lapses found at Shanghai Electric.
    Shanghai Electric Group, one of the mainland's three largest power equipment makers, had oversight shortcomings, including in its financial reporting controls, risk management and internal auditing, according to an Ernst & Young review.
    Former company directors Li Songjian, Han Guozhang and Zhang Rongkun, who all also controlled key stakes in the power generation equipment maker, were detained in Shanghai for misappropriating pension funds.
    http://www.scmp.com/article/583548/oversight-lapses-found-shanghai-electric

    November 2012 - No Value For Money - Falling power output can’t be attributed only to inadequate coal supply, there’s a new culprit — faulty equipment.
    Shanghai Electric selling defective equipment to India.
    http://business.outlookindia.com/article_v3.aspx?artid=282966


    June 2012: Chinese power gear snag in Haryana worries Centre
    …has now been shipped to equipment vendor Shanghai Electric Company’s facility in China as the firm does not have a service facility in India.
    In case of Yamunanagar, both units are under forced shut downs after reported turbine failures. With the rotor of the first turbine unit — again supplied by Shanghai Electric — failing, a desperate HPGCL had to send it across for repair to the Siemens’ facility in Baroda … the turbine blades of the second unit are also reported to be damaged.
    http://www.financialexpress.com/news/chinese-power-gear-snag-in-haryana-worries-centre/962875/2

    Han Guozhang - Former Vice President of the Shanghai Electric Group - Involved in the Shanghai Electric Group case; 6 million yuan in bribes (10 million $AU) - Life in prison

    Li Songjian - Non-executive director of Shanghai Electric Group - Involved in the Shanghai Electric Group case; the embezzlement of 50 million yuan; 700,000 yuan in bribes - 18 months in prison

    Wang Chenming - Former Board of Director of Shanghai Electric - Involved in the Shanghai Electric Group case; share corruption of 300 million Yuan with Yan Jinbao and Lu Tianming; 210,000 yuan in bribes - Death penalty
    http://chinascope.org/main/content/view/899/76/1/1/

    January 2010: Singapopre High Court – Shanghai Electric fail to build a promised power plant.

    On 2 February 2009, PT Merak issued to Shanghai Electric a “Notice of Contractor Default”… alleging that since 10 August 2007 (the date of the Contract), “very little progress was made on the construction of the Power Plant. Apart from the temporary site office, temporary warehouse, temporary site roads, test pilings, excavation and some lean concrete (levelling concrete) for the foundations of the Boiler and Turbine Buildings, there is nothing else on site. Significantly, [Shanghai Electric] failed to complete the work in respect of Payment Milestones 1 to 5. Further, [PT Merak] also encountered numerous difficulties with [Shanghai Electric].
    http://www.singaporelaw.sg/sglaw/laws-of-singapore/case-law/free-law/high-court-judgments/14007-shanghai-electric-group-co-ltd-v-pt-merak-energi-indonesia-and-another-2010-sghc-2

    Zhang Rongkun … was a member of the board of directors on Shanghai Electric Group until his resignation in August 2006. In 2008 Zhang was convicted of giving government employees $4.1 million in bribes and was sentenced to 19 years in prison.
    http://en.wikipedia.org/wiki/Zhang_Rongkun

    Mr Buckley...Historical corruption and embezzlement? Faulty equipment? Failure to deliver? Advance Australia Fair.


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