Hu Shitai (XINHUA)

Stern Hu, a former Rio Tinto executive and the head negotiator for Rio Tinto in China, was sentenced to 10 years in prison on charges of taking bribes and stealing commercial secrets. His assets were confiscated and a fine of 1 million yuan ($146,413) was imposed.

Three other Rio Tinto staff also received jail terms from seven to 14 years on the same charges. The verdict was handed down on March 29 by the Shanghai No. 1 Intermediate People's Court.

Hu and his colleagues accepted approximately $13.6 million in bribes from private steel manufacturers who wanted to avoid buying costlier iron ore from state-run mills.

From 2003 to 2009, the four business people used improper means to acquire commercial secrets from Chinese steel companies. This information was used as a bargaining chip to jack up prices China paid for its ore imports.

More than 20 Chinese steel mills paid extra advances totaling 1.02 billion yuan ($146 million) in 2009 for ore imports because of the crimes committed by the four, the court decision said.

Rio Tinto fired the four executives shortly after the court sentenced them.