Chinese Copper Titan He Jinbi Jailed for Life Over Maike Fraud

He Jinbi, one of the biggest names in Chinese copper trading, has been sentenced to life in prison over fraud and other offenses committed by the company he founded, Maike Metals International Co.

A court in the western Chinese city of Xi’an found Maike guilty of contract fraud, bribery and other offenses last month, and handed its 61-year-old boss, He, a life sentence, according to people familiar with the verdict. The ruling found Maike’s conduct had exposed several Chinese banks to more than $1 billion of potential losses, the people added, asking not to be named due to the sensitivity of the issue.