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August 5, 2016

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4 parties charged for fixing futures trade

Source: Xinhua | August 5, 2016, Friday | Print Edition

YISHIDUN, a global trading company with foreign links, its two executives and a technical supervisor have been indicted for manipulating the futures market in Shanghai, prosecutors said yesterday.

The Shanghai No.1 People’s Procuratorate said it had filed the charge against Yishidun, founded in 2012 in Jiangsu Province; its two executives Gao Yan and Liang Zezhong; and Jin Wenxian, technical supervisor of China Fortune Futures, to Shanghai No.1 Intermediate People’s Court.

Yishidun and the trio are alleged to have pocketed a huge amount of money after manipulating trades, the Ministry of Public Security said in a statement in November last year. Two Hong Kong-based companies respectively set up by Georgy Zarya and Anton Murashov, both foreign nationals, are named investors in Yishidun, with a registered capital of US$500,000, according to the ministry.

Yishidun bought and sold products in huge quantities at prices that far deviated from market standards and illegally pocketed over 2 billion yuan (US$301 million), said the statement.

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