Insider trading trial is put off until further notice
By Lu Nengneng |
March 29, 2012, Thursday
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Print Edition
Print Edition
THE trial of a former fund manager accused of insider trading, which was due to start today at Shanghai Pudong New Area People's Court, has been postponed until further notice.
Li Xuli, 39, the former investment director of Shanghai-based Bank of Communications Schroders Fund Management Co, was detained in August on suspicion of exploiting private information in two stocks in the fund that he managed to trade and allegedly made over 10 million yuan (US$1.6 million) in illicit profit. He was alleged to have placed orders for his personal accounts before or when trading the two stocks between February 28 and May 5 in 2009, according to an investigation by the China Securities Regulatory Commission.
This was the third time the court has postponed the hearing, which was first set for March 15. No reason has been given for the latest delay.
If found guilty, Li may face up to 10 years in prison after the criminal law was amended to allow for a five- to 10-year jail term, up from a maximum five years.
Li is the third mutual fund manger to face charges of insider trading after the CSRC hit on illegal stock trading.
Li Xuli, 39, the former investment director of Shanghai-based Bank of Communications Schroders Fund Management Co, was detained in August on suspicion of exploiting private information in two stocks in the fund that he managed to trade and allegedly made over 10 million yuan (US$1.6 million) in illicit profit. He was alleged to have placed orders for his personal accounts before or when trading the two stocks between February 28 and May 5 in 2009, according to an investigation by the China Securities Regulatory Commission.
This was the third time the court has postponed the hearing, which was first set for March 15. No reason has been given for the latest delay.
If found guilty, Li may face up to 10 years in prison after the criminal law was amended to allow for a five- to 10-year jail term, up from a maximum five years.
Li is the third mutual fund manger to face charges of insider trading after the CSRC hit on illegal stock trading.
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