It reads like a geopolitical thriller of the first order. From mysterious detentions to secret trials alleging cash piles stashed in Shanghai flats and corporate espionage aimed at subverting global iron ore talks, the tale of Stern Hu and three other former Rio Tinto employees sentenced to jail in China last Monday sounds almost too racy to be real. Almost, but not quite.
In mid-March the four iron ore salesmen from the Anglo-Australian mining giant finally proceeded to trial after eight months' detention. They were charged with taking bribes and stealing “commercial secrets” from Chinese steelmakers. For months the charges had been dismissed by many in the west as a stunt aimed at punishing Rio for walking away from a high-profile deal with Chinalco, the Chinese mining state champion.
In truth, the tale of Mr Hu is more complicated – and simpler. As leaks emerge from the mostly closed courtroom, it seems increasingly clear the men were not framed or coerced into making their confessions. They were guilty as charged of accepting bribes – alleged to be as much as $13m.