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February 4, 2010

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Ex-financier faces trial over bribery charges

A FORMER top official of China's securities regulator is awaiting trial for allegedly accepting bribes worth 17 million yuan (US$2.49 million).

Wang Yi, a vice chairman of China Securities Regulatory Commission between 1995 and 1999, is expected to appear in court in Beijing this month, Beijing Evening News reported yesterday.

He was in charge of share offerings and fund management companies during his tenure at the commission.

Wang, 54, was promoted to vice president of China Development Bank in February 1999 and held the position until he was put under investigation in June 2008.

He is alleged to have accepted millions of yuan during his tenure as the commission's vice chairman. He was also accused of arranging irregular bank loans and offering improper aid to enterprises listing on stock markets on China's mainland, the newspaper said.

The Yunnan native was, from 1992 to 1995, deputy director in the securities office of the State Council, China's Cabinet. Wang also served as a secretary of Bo Yibo, the former vice premier who died in 2007.

The investigation into Wang followed the suicide of a close friend, investment banker Wei Dong, on April 29, 2008.

Wang and Wei, former chairman of the Changsha-based financial powerhouse Yongjin Group, were placed under surveillance that April, according to earlier reports.

Wei then jumped from his 17th-floor Beijing apartment.




 

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