Ex-Merchants Securities exec given 8 years鈥 jail
Print Edition
A former executive of China Merchants Securities has been sentenced to eight years in prison and had personal assets worth 2 million yuan (US$323,400) seized for misappropriation of company funds.
Li Liming, the former head of the firm’s investment banking department, was found guilty of embezzling 52.6 million yuan between 2007 and 2011, news portal thepaper.cn reported yesterday.
He amassed his fortune by setting up shell companies to receive trumped-up payments for so-called “third-party expenses” from his employer and clients, it said.
In 2008, Li made about 10 million yuan underwriting a bond sale for a steel company, the proceeds from which he used to buy a luxury home in Shanghai’s Pudong New Area, the report said.
While at Merchants Securities, Li managed major projects involving the sponsorship of initial public offerings and underwriting bond sales.
In 2012, the China Securities Regulatory Commission referred Li’s case to the police after an investigation.
It alleged that in March 2010, Li paid 30 million yuan for a 5 percent stake in Silinco Chemical, whose IPO Merchants Securities had sponsored.
It also accused him of insider trading after banking 90,000 yuan from the sale of shares in Shenzhen Edifier Technology Co, whose IPO was also sponsored by Merchants Securities.
Neither of the CSRC cases were mentioned in yesterday’s report by the portal.
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