Businesses, officials collude over resources

As more of the country's billionaires come under investigation, collusion between businesspeople and government officials seeking huge profits from mineral resources is being revealed as a common way to make a killing.

Zhang Xinming, once said to be the richest coal baron in Shanxi province, has been held for investigation and most of his assets have been frozen, according to Beijing-based Caijing magazine.

Zhang, former chairman of the Shanxi Jinye Coal & Coking Group, became a controversial figure after a majority of the company was bought by State-owned China Resources, whose chairman Song Lin and top executives are being investigated for corruption and wrongdoing in the acquisition that led to the loss of billions of yuan of State-owned assets.