Shanghai: Ten coal traders in China have jointly sent a letter to authorities reporting the illegal operations of Shenhua Group, China’s largest coal trader.
The ten traders reported that some other coal traders had bribed some employees of Shenhua Group to purchase high-quality coal at the price of low-quality coal from Huanghua port, a major bulk shipping port in Hebei.
According to a source inside the coal trading industry, it is a common way to gain illegal profits in the “black gold chain” of the coal trading market in China.
After receiving the letter, authorities have started investigations on the case.
“The results from the investigations by authorities show no evidence proved the accusations,” Shenhua Group said in a statement.
Shenhua said the company has very strict examination on its coal stock at their major shipping ports and it hasn’t noticed any inconsistency after the investigations. [06/06/14]