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China Daily | Updated: 2014-05-08 06:42
Mining tycoon's companies investigated amid default
Chinese authorities are investigating the finances of companies controlled by mining tycoon Li Yan, Bloomberg reported, citing two people familiar with the matter. Li's companies in Sichuan province, western China, amassed 10 billion yuan ($1.62 billion) in debt and may not repay all of it, said the people, who asked not to remain anonymous because the case hasn't been made public.
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