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Supreme court reveals details of ex-Gome boss' insider trading
By Ding Yining |
May 22, 2012, Tuesday
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Online Edition
Online Edition
The Supreme People's Court today revealed the details of insider trading involving former Gome chairman Huang Guangyu ahead of a new judicial explanation of the crime.
Huang, who was a major shareholder of Beijing Centergate Technologies, asked one subordinate to open stock trading accounts ahead of an asset swap deal with Beijing Pengrun Real Estate Development Co between July and August of 2007.
Huang's wife Du Juan helped manage those accounts and later bought 104 million shares of Beijing Centergate and made paper gains of more than 306 million yuan (US$49 million).
Xu Zhongmin, former chairman of Beijing Centergate, also received instructions from Huang to buy 414 million yuan worth of Beijing Centergate's shares in August and September of 2007.
China is to introduce a new judicial interpretation on June 1 to clarify the rules on insider trading, Sun Jungong, spokesperson of the Supreme People's Court, told a press conference in Beijing today.
The number of insider trading cases rose from one in 2007 to 11 last year, according to Sun. By the end of last year, Chinese courts had handled 22 insider trading cases.
The new judicial interpretation of insider trading will contain 11 clauses.
Sun said Huang's case was a typical example of the crime and he "seriously jeopardized the security of the capital market and the country's economic and social order."
Huang was sentenced to 14 years in prison in May 2010 for insider trading and other crimes including illegal business dealings and corporate bribery.
Huang, who was a major shareholder of Beijing Centergate Technologies, asked one subordinate to open stock trading accounts ahead of an asset swap deal with Beijing Pengrun Real Estate Development Co between July and August of 2007.
Huang's wife Du Juan helped manage those accounts and later bought 104 million shares of Beijing Centergate and made paper gains of more than 306 million yuan (US$49 million).
Xu Zhongmin, former chairman of Beijing Centergate, also received instructions from Huang to buy 414 million yuan worth of Beijing Centergate's shares in August and September of 2007.
China is to introduce a new judicial interpretation on June 1 to clarify the rules on insider trading, Sun Jungong, spokesperson of the Supreme People's Court, told a press conference in Beijing today.
The number of insider trading cases rose from one in 2007 to 11 last year, according to Sun. By the end of last year, Chinese courts had handled 22 insider trading cases.
The new judicial interpretation of insider trading will contain 11 clauses.
Sun said Huang's case was a typical example of the crime and he "seriously jeopardized the security of the capital market and the country's economic and social order."
Huang was sentenced to 14 years in prison in May 2010 for insider trading and other crimes including illegal business dealings and corporate bribery.
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