Hanlong Group
Hanlong Group (汉龙集团) was a Chinese business conglomerate based in Sichuan Province with past holdings in solar energy, communications, chemicals, and mineral exploration. It became internationally known for its investments in Africa and its dramatic collapse following a major corruption scandal.
Hanlong’s publicly listed subsidiary was Sichuan Hongda Co., Ltd. (四川宏达股份有限公司; SSE: 600331), which remains listed on the Shanghai Stock Exchange.[1]
International Projects
[edit]In Tanzania, Hongda signed a US$3 billion deal in 2011 for coal and iron mining, marking one of the largest Chinese investments in East Africa at the time.[2] The investment included plans to develop a 600MW coal-fired power plant at Mchuchuma and Katewaka via a joint venture called Tanzania China International Mineral Resources (TCIMR).[3]
In Cameroon and the Republic of Congo, Hanlong led negotiations with the Cameroonian government on the Mining Convention for the Mbalam-Nabeba Iron Ore Project. The deal involved Hanlong’s attempted takeover of Australia's Sundance Resources to gain control of the transborder project.[4] However, the acquisition fell through in 2013 after Hanlong failed to fulfill financing obligations.
Downfall and Dissolution
[edit]In 2014, Hanlong's chairman Liu Han was charged with murder and running a mafia-style criminal enterprise. His organization was said to have operated with the protection of former Chinese Politburo Standing Committee member Zhou Yongkang.[5][6] Liu Han was sentenced to death and executed in February 2015.[7][8]
In a separate incident Calvin Zhu, vice president of Hanlong’s Australian subsidiary, was sentenced in 2013 to 15 months in prison for insider trading related to the Sundance deal.[9][10]
Following these events, Hanlong Group was effectively dissolved, with most of its projects discontinued or transferred.
References
[edit]- ^ Garnaut, John (September 15, 2011). "Chinese maze holds Hanlong key". Sydney Morning Herald.
- ^ Ng'wanakilala, Fumbuka (September 22, 2011). "China co signs $3 bln Tanzania coal, iron deal". Reuters.
- ^ Abduel, Elinaza (July 17, 2012). "Plans to Generate Power From Coal in Full Gear". Tanzania Daily News.
- ^ Ker, Peter (April 9, 2013). "Sundance slumps after Hanlong bid fails". The Sydney Morning Herald.
- ^ "Chinese 'mafia-style' gang goes on trial". BBC News. March 31, 2014.
- ^ Hornby, Lucy (February 20, 2014). "Chinese mining tycoon faces Mafia charges". Financial Times.
- ^ "Chinese tycoon Liu Han sentenced to death for murder". BBC News. May 23, 2014.
- ^ Blanchard, Ben (February 9, 2015). "Chinese billionaire mining tycoon Liu Han is executed over his links to a 'mafia-style' gang". The Sydney Morning Herald.
- ^ Murray, Lisa (February 20, 2015). "Epic tale of executed Hanlong founder Liu Han and his mysterious fall from grace". Australian Financial Review. Retrieved February 11, 2023.
- ^ Blanchard, Ben; Wong, Fayen (February 20, 2014). "China charges former mining magnate with murder, gun-running". Reuters. Retrieved February 25, 2023.
External links
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