Shanghai Zhenhua Heavy Industries, the world’s largest crane and steel structure manufacturer, supplied 250,000 incorrecly-sized bolts for the new eastern span of the San Francisco-Oakland Bay Bridge in California

Shanghai Zhenhua supplies the wrong bolts to California bridge

Staff Reporter

2014-01-30

Shanghai Zhenhua Heavy Industries, the world’s largest crane and steel structure manufacturer, supplied 250,000 incorrecly-sized bolts for the new eastern span of the San Francisco-Oakland Bay Bridge in California, reports the financial news website of financial market software developer Shanghai Great Wisdom.

The company, which manufactured and supplied the bridge’s deck and towers, said the bolts were purchased from a contractor. They decided to check the bay bridge project’s structure after a California senate report indicated that the incorrect size of blots had been supplied by the company for the US$6.3 billion Carquinez Bridge to Vallejo.

The report said the California Department of Transportation hired a group of quality-assurance specialists to audit the Chinese company and have suspended it from continuing to work on the new bay bridge. The specialists found over a hundred cracks in the bridge welded by the company. The group leader, engineer James Merrill, said the California state agency took a great risk in letting the Shanghai company do the work. The agency said the cracks have mostly been repaired, however, and stressed that the bridge is now safe.

The California Department of Transportation decided to rebuild the San Francisco-Oakland Bay Bridge after the original one was damaged by two earthquakes. In June 2006, the Chinese company obtained the right to manufacture all steel structures on the new bridge from US general contractor ABF Construction. The new bridge was completed in July 11, 2011 and the San Francisco mayor dedicated the day to Li Jianghua, in honor of the Chinese manager who oversaw the project, according to Shanghai Zhenhua’s statement.

 

 

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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