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Asset manager jailed in leaked economic data case
By Hu Xiaocen |
March 30, 2012, Friday
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Online Edition
Online Edition
WU Zhiwen, the former general manager of an asset management company has received a jail sentence of five years and six months for illegal acquisition of state secrets.
According to court investigations, Wu Zhiwen has obtained 19 pieces of unpublished macroeconomic data from Wu Chaoming, a former researcher at the Finance Institute under the People's Bank of China. And the unannounced data was later deliberately circulated by Wu Zhiwen to 11 people through SMS, Legal Daily said in a statement on its website today.
Wu Chaoming, was sentenced in October to six years in prison for 224 counts of intentional economic data leaks to security industry professionals before official release. The leaked data in nine categories – including industrial growth, fixed-asset investment growth, Gross Domestic Product, Consumer Price Index, Industrial Product Price Index, total retail sales of consumer goods, loan growth, and M1 and M2 growth – are all classified as state secrets, Securities Times reported today.
The two offenders are relatives, according to the newspaper.
Sun Zhen, who has also received a jail sentence in October, was a former secretary at the National Bureau of Statistics, and received a five-year sentence on similar charges.
A state prosecutor who was handling the case said some criminal suspects exchanged classified macroeconomic data with securities brokers for personal economic benefits. Such information is market sensitive with the potential to influence equity prices. The leaks allow brokers to profit at the cost of other investors by anticipating how securities prices would react when the information are officially released.
"The leaking of national macroeconomic data harms economic operations, prevents fair market competition, and affects government credibility, thereby causing heavy losses to the interests of the country, society and individuals," said the prosecutor at the time.
The National Bureau of Statistics stepped up efforts to make key economic figures safer since April last year. And for the first time, the bureau pledged earlier this month to "seriously punish" local officers who have manipulated economic data.
According to court investigations, Wu Zhiwen has obtained 19 pieces of unpublished macroeconomic data from Wu Chaoming, a former researcher at the Finance Institute under the People's Bank of China. And the unannounced data was later deliberately circulated by Wu Zhiwen to 11 people through SMS, Legal Daily said in a statement on its website today.
Wu Chaoming, was sentenced in October to six years in prison for 224 counts of intentional economic data leaks to security industry professionals before official release. The leaked data in nine categories – including industrial growth, fixed-asset investment growth, Gross Domestic Product, Consumer Price Index, Industrial Product Price Index, total retail sales of consumer goods, loan growth, and M1 and M2 growth – are all classified as state secrets, Securities Times reported today.
The two offenders are relatives, according to the newspaper.
Sun Zhen, who has also received a jail sentence in October, was a former secretary at the National Bureau of Statistics, and received a five-year sentence on similar charges.
A state prosecutor who was handling the case said some criminal suspects exchanged classified macroeconomic data with securities brokers for personal economic benefits. Such information is market sensitive with the potential to influence equity prices. The leaks allow brokers to profit at the cost of other investors by anticipating how securities prices would react when the information are officially released.
"The leaking of national macroeconomic data harms economic operations, prevents fair market competition, and affects government credibility, thereby causing heavy losses to the interests of the country, society and individuals," said the prosecutor at the time.
The National Bureau of Statistics stepped up efforts to make key economic figures safer since April last year. And for the first time, the bureau pledged earlier this month to "seriously punish" local officers who have manipulated economic data.
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