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Ex boss of Galaxy gets death for insider trading, bribes
By Lydia Chen |
May 9, 2011, Monday
|
Online Edition
Online Edition
THE former chief executive officer of China Galaxy Securities Co was sentenced to death with a two-year reprieve for taking bribes worth 15.46 million yuan (US$2.4 million） and earning nearly 100 million yuan from insider trading, the Higher People's Court of Henan Province has ruled.
Xiao Shiqing, 47, was also a senior official of China's top securities supervisor and held power over the fate of hundreds of companies which desired for listings on the mainland stock exchanges.
His illegal earnings from trading the shares of Guoyuan Securities Co in 2007 broke the record held by Li Qihong, former mayor of Zhongshan City in Guangdong Province, whose family gained 13 million yuan from insider trading.
The verdict on Xiao is seen as a breakthrough as authorities tried to uncover the profit chain formed by Xiao and Wang Yi, former vice chairman of the China Securities Regulatory Commission and vice president of China Development Bank, and several leaders of domestic brokerages.
Xiao took over Galaxy Securities in 2007 after leaving CSRC where he was deputy director of the department that supervised listed companies from 1995 to 1999, according to Caijing Magazine.
In 2006, Xiao was said to have used his influence to obtain an approval for the initial public offering by Qingdao Kingking Applied Chemistry Co, who hired Tianjin Shunyin Technology Investment Co to lobby for its IPO.
Shunyin was owned by the brother of Wang Yi and was said to have given Xiao 200,000 yuan in cash for his help, the court said.
Xiao Shiqing, 47, was also a senior official of China's top securities supervisor and held power over the fate of hundreds of companies which desired for listings on the mainland stock exchanges.
His illegal earnings from trading the shares of Guoyuan Securities Co in 2007 broke the record held by Li Qihong, former mayor of Zhongshan City in Guangdong Province, whose family gained 13 million yuan from insider trading.
The verdict on Xiao is seen as a breakthrough as authorities tried to uncover the profit chain formed by Xiao and Wang Yi, former vice chairman of the China Securities Regulatory Commission and vice president of China Development Bank, and several leaders of domestic brokerages.
Xiao took over Galaxy Securities in 2007 after leaving CSRC where he was deputy director of the department that supervised listed companies from 1995 to 1999, according to Caijing Magazine.
In 2006, Xiao was said to have used his influence to obtain an approval for the initial public offering by Qingdao Kingking Applied Chemistry Co, who hired Tianjin Shunyin Technology Investment Co to lobby for its IPO.
Shunyin was owned by the brother of Wang Yi and was said to have given Xiao 200,000 yuan in cash for his help, the court said.
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