China Resources investors await answers after overpaying accusation

Nearly a week after a whistle-blower publicly accused the management of China Resources Power of negligence in a major acquisition of coal assets, investors are nowhere nearer to learning the reality of what may have gone astray.

CRP denied last Thursday that its joint venture had massively overpaid for the three mines and ancillary assets it bought in 2010, saying the deal was struck after "arm's length negotiations" and that it had paid less than the assets' appraised value.

The management of another protagonist in the drama, Shanxi Borui Mining Rights Valuation & Appraisal, which CRP said was the independent valuer of the mines, remains silent and elusive.

Wang Changsheng, its "legal person" - the person responsible for the actions of the company under mainland regulations - has not been available since last Wednesday despite repeated phone calls from the . Each time, the person who took the call said he was not in the office.

According to Ministry of Land and Resources regulations, each of Borui's valuation reports needs to be signed off on by Wang.

The Chinese Association of Mineral Resources Appraisers (CAMRA) lists Wang as one of four certified mining appraisers at Borui.

The mainland has more than 450 such appraisers, according to the ministry.