Jailed ex-mayor weeps in court
By Li Qian |
October 28, 2011, Friday
|
Print Edition
Print Edition
THE former mayor in Zhongshan, south China's Guangdong Province, burst into tears in court yesterday when she was sentenced to 11 years' imprisonment and fined 20 million yuan for insider trading, disclosing insider information and taking bribes.
Li Qihong, 56, was convicted of illegally earning around 13 million yuan (US$2 million) from the stock market and taking HK$400,000 (US$51,500) and 100,000 yuan in bribes, Yangcheng Evening News reported.
Four members of her family were also accused, as were five employees of state-owned Zhongshan Public Utilities, including its former chief executive Tan Qingzhong.
Li engaged in illegal financial activities from 2006, passing information from Tan to her husband, her brother and two sisters, as a result of which they bought 6.7 million yuan of stocks in Zhongshan Public Utilities during 2007, the report said.
The stock price jumped by the daily limit of 10 percent for 15 consecutive trading days. Li and her family members' accounts profited nearly 20 million yuan.
Li Qihong, 56, was convicted of illegally earning around 13 million yuan (US$2 million) from the stock market and taking HK$400,000 (US$51,500) and 100,000 yuan in bribes, Yangcheng Evening News reported.
Four members of her family were also accused, as were five employees of state-owned Zhongshan Public Utilities, including its former chief executive Tan Qingzhong.
Li engaged in illegal financial activities from 2006, passing information from Tan to her husband, her brother and two sisters, as a result of which they bought 6.7 million yuan of stocks in Zhongshan Public Utilities during 2007, the report said.
The stock price jumped by the daily limit of 10 percent for 15 consecutive trading days. Li and her family members' accounts profited nearly 20 million yuan.
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