China Resources mining deal probed by anti-graft watchdog
Party watchdog considers graft claim against chairman Song Lin

The Communist Party's anti-graft watchdog said yesterday it was processing a whistle-blower's complaint about alleged negligence in an acquisition by China Resources Power Holdings (CRP), as the company hit back.

In Hong Kong, six small shareholders stepped up their campaign to seek compensation from CRP's management for alleged wrongdoing. Analysts said more disclosures by CRP were needed to allay investors' concerns.
Economic Information Daily reporter Wang Wenzhi accused CRP management of agreeing to a 5 billion yuan (HK$6.3 billion) overvaluation of some coal mining assets in Shanxi province.
He said they paid 7.9 billion yuan for an 80 per cent stake, valuing the whole deal at 10 billion yuan. Another party valued the deal at half that just months before, Wang said.
Wang accused Song Lin , chairman of CRP parent China Resources (Holdings), of ordering the deal in 2010. Song was CRP chairman at the time.