On the morning of the 14th, the Yunnan Provincial Commission for Discipline Inspection announced that 19 people were investigated and 12 others were placed on probation for allegedly offering bribes.
The reporter checked the industrial and commercial information and found that 17 of the 19 people investigated were involved in Kunming Iron and Steel Holding Co. The other 14 people are from Kunsteel’s wholly-owned companies, holding companies and equity participation companies.
Kun Steel’s official website shows that the company was founded in February 1939, formerly known as China Electric Steel Plant and Yunnan Iron and Steel Plant, Kun Steel ranked 366th in the “2016 China Top 500 Enterprises”, with a business revenue of more than 120 billion yuan in 2019.
Kunsteel chairman investigated
The Yunnan Provincial Commission for Discipline Inspection released news on April 14: Du Lujun, secretary of the party committee and chairman of Kunming Iron and Steel Holding Co., Ltd. is suspected of serious disciplinary violations and is currently under disciplinary review and supervisory investigation.
Information shows that Du Lujun, born in December 1970, joined the workforce in July 1993, its 28 years of work experience have not left Kunsteel, served as director of the Finance Department of Kunsteel Corporation, Kunsteel Group Deputy Chief Accountant, Assistant General Manager, Finance Director, Deputy General Manager, General Manager, Vice Chairman, April 2019 as Secretary of the Party Committee and Chairman of the Board of Kunsteel Group.
According to the news released on the official website of Kun Steel Group, on the morning of April 9, a meeting was held to promote the synergistic support of Kun Steel’s steel industry, in which Du Lujun, secretary of the Party Committee and chairman of Kun Steel, participated. This is the last appearance of Du Lujun in public reports.
Video Screenshot
Du Lujun’s resume
Du Lujun, male, Han nationality, a native of Dazhou, Sichuan, with a postgraduate degree, was born in December 1970, joined the Communist Party of China in July 1993 and joined the Party in March 2001.
From July 1993 to January 2004, he worked in Kungang Bridge Steel Plant.
From January 2004 to December 2006, he was the Director of Finance Department of Kun Steel Co.
December 2006 to December 2011 as Deputy Chief Accountant of Kun Steel Group (during the period: from September 2005 to June 2008, he studied at the Central Party School in the postgraduate course of economic management).
Assistant to the General Manager and Deputy Chief Accountant of Kunshan Steel Group from December 2011 to August 2013.
Chief Financial Officer of Kun Steel Group from August 2013 to September 2015 (during the period: studied at Wuhan University, School of Economics and Management, majoring in business administration for senior managers from February 2012 to June 2015).
From September 2015 to December 2015, he served as a member of the Standing Committee of the Party Committee, Chief Financial Officer and Director of Kunshan Steel Group.
From December 2015 to December 2016 as a member of the Standing Committee of the Party Committee, Deputy General Manager and Chief Financial Officer of Kunshan Iron and Steel Group.
December 2016 to April 2019 as General Manager, Deputy Secretary of the Party Committee and Deputy Chairman of the Board of Kunsteel Group.
Secretary of the Party Committee and Chairman of the Board of Kunshan Steel Group from April 2019 to the present.
Two deputy general managers
According to the Yunnan Provincial Commission for Discipline Inspection, the two deputy general managers of Kunsteel, Li Ping and He Zhijun, both surrendered on their own initiative. According to their biographies, Li Ping and He Zhijun have both worked at Kunsteel for a long time.
Screenshot of Kunsteel’s official website
Also, according to the Yunnan Provincial Commission for Discipline Inspection.
Bai Baoan, former chief economist and deputy general manager of Kunming Iron and Steel Co.
Dong Yu, chairman of the board of Yunnan Cement Building Materials Group Co.
Gao Liankun, chairman and Yang Yulin, deputy general manager of Yunnan Logistics Investment Group Co.
Zhu Yingdong, General Manager of Yunnan Kungang Mining Co.
Wang Tao, Deputy General Manager of Marketing Center, Kunming Iron & Steel Holding Co.
Zhang Defu, employee of Procurement Management Office, Operations Improvement Department, Kunming Iron & Steel Holding Co.
Yang Lingming, former Deputy Director of the Office of Kunming Iron and Steel Co.
Duan Hongjun, former plant manager of steelmaking plant and Li Dong, employee of continuous casting workshop of Honghe Iron and Steel Co.
Li Zhengyuan, former deputy manager of Kungang Qiao Steel Industry and Trade Co.
Wang Xiaosong, Director of Kunming Steel Rolling Mill.
Jia Li, financial director of Yunnan Kungang Asset Management Co.
Chen Wei, deputy manager of business department and Feng Jin, deputy manager of market development department of Yunnan Yuanqiang Economic and Trade Co.
Yunnan Provincial Highway Bureau of maintenance researcher Chen Changchang suspected of serious disciplinary violations, is currently under disciplinary review, supervision and investigation.
Every reporter query industrial and commercial information found that the above 16 people in addition to Kunming City Rolling Mill Director Wang Xiaosong, Yunnan Provincial Highway Bureau of Maintenance Department researcher Chen Changchang, the remaining 14 people work in the Kunshan Steel companies.
In addition, the Yunnan Provincial Commission for Discipline Inspection reported on the 14th that 12 people, including Zhang Weihong, the legal representative of Yunnan Shanxing Industrial Co., Ltd, were taken into custody for alleged bribery, but it was not stated whether they were related to the personnel “earthquake” of Kunsteel.
China Baowu restructuring Kunsteel
Will receive 90% of the equity for free
Information shows that Kun Steel was founded in February 1939, formerly known as China Electric Steel Plant and Yunnan Iron and Steel Plant, 2019 revenue of more than 120 billion yuan, its two pillar industries for steel and extended processing, modern logistics. By the end of September last year, total assets were 64.7 billion yuan and total liabilities were 46.1 billion yuan. In the first nine months of last year, Kunsteel reported revenue of 51.1 billion yuan and a net loss of 23.94 million yuan.
According to Qixinbao, the actual controller of Kunsteel is Yunnan Provincial State-owned Assets Supervision and Administration Commission.
In addition, Kun Steel is also the controlling shareholder of listed company Cloud Coal Energy, holding a 60.19% stake in Cloud Coal Energy, which currently has a total market value of about 4 billion yuan.
It is worth noting that on February 1, Yunnan Province and China Baowu signed a cooperation agreement to promote the joint restructuring of China Baowu and Kunsteel.
On February 1, Yuncoal Energy announced that Yunnan Provincial People’s Government and China Baowu signed a cooperation agreement on the same day, in which Yunnan Provincial State-owned Assets Supervision and Administration Commission plans to transfer 90% of its equity in Kunming Iron and Steel Holding Co.
The announcement of Yunnan Coal Energy mentioned that in order to ensure a smooth transition of Kunsteel, the Yunnan State-owned Assets Supervision and Administration Commission will entrust China Baowu to manage Kunsteel on its behalf before the 90% equity transfer to China Baowu without compensation, and the entrusted management agreement was signed on the same day. The maximum period of the entrusted management will not exceed 12 months.
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