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People's Daily Online>>China Politics

Officials jailed for insider trading

By An Baijie (China Daily)

08:56, December 28, 2011

BEIJING - The country's graft-busting authorities have vowed to keep a close eye on officials to punish insider trading, a news conference heard on Tuesday.

"The Ministry of Supervision is closely watching the new trend that some Party officials have been involved in insider trading," Yao Zengke, vice-minister of supervision, told China Daily.

High-profile cases mentioned by Yao include that of Xiao Shiqing, former Party secretary and president of China Galaxy Securities, who was sentenced to death with two years' reprieve in March for insider trading as well as taking bribes.

Xiao was found to have made a profit of 104 million yuan ($16.4 million) in 2006 by tipping his relatives to purchase the stocks of a company that was going through a reconstruction and merger process, according to Yao.

In another case, Li Qihong, former mayor of Zhongshan in Guangdong province, pocketed 198 million yuan by purchasing stocks through his relatives in June 2007 when he was in charge of reconstruction work of a local State-owned enterprise.

Li was sentenced to 11 years in jail in October for insider trading and bribe taking, fined 20 million yuan and had 100,000 yuan confiscated.

These Party officials usually took part in insider trading through such means as opening accounts in the names of their relatives, colleagues, friends and even their babysitters. Some even bought ID information from strangers to open accounts, Yao said.

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