Court rejects fund exec’s appeal
Print Edition
Shanghai Higher People’s Court yesterday rejected an appeal by Li Xuli, a former director of an investment fund, and upheld the original verdict of a four-year jail term for insider trading.
“Li’s behavior constituted the crime of insider trading, which severely disturbed market order, undermined market fairness and hurt public confidence in the capital market,” the court ruled yesterday.
The court rejected his appeal made in May and ruled that the original verdict is based on solid and sufficient evidence and followed proper legal procedures.
The court’s ruling is final.
In November 2012, Li, former investment director at the Bank of Communications Schroders Fund Management Co, was sentenced to four years in prison and received an 18 million yuan (US$3 million) fine.
Li, 40, was also ordered to return the 10.7 million yuan in illegal profits he made based on insider information that he had on the Industrial and Commercial Bank of China and China Construction Bank.
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