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May 24, 2013

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Man alters story over insider trading

LI Xuli, former investment director at Bank of Communications Schroders Fund Management Co, pleaded innocent to insider trading during an appeal at Shanghai Higher People's Court yesterday.

Li, 40, who was sentenced to four years in prison in November, told the court he was forced to make up an insider trading story as police threatened to detain his wife, which would have left their six-year-old son alone.

Police denied Li's accusations and said their interrogation was done legally.

Li yesterday told the court he had made up the story that he asked Li Zhijun, an employee at Minmetals Securities, over the phone to buy shares of Industrial and Commercial Bank of China and China Construction Bank as he knew his fund would later buy shares in the two blue chip lenders.

He said he committed perjury because a policeman surnamed Lu repeatedly threatened to detain his wife, Yuan Xuemei, if he didn't cooperate.

Li testified he was worried about his son being left alone if police detained his wife.

Li's lawyer Zhou Ze said the evidence in the first trial, held by Shanghai No.1 Intermediate People's Court, was not sound as it was obtained illegally through threats.

Zhou said Li confessed amid "great mental stress."

However, the court rejected Li's request to exclude his guilty confession given a lack of evidence that police threatened him.

Shanghai Higher People's Court did not issue a ruling on the appeal.

Li was also fined 18 million yuan (US$2.9 million) in November and ordered to return the 10.7 million yuan he made in illegal profits.


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