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October 30, 2009

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Man jailed over illegal gold trading

A MAN in Zhejiang Province was sentenced to nine years in jail for operating an illegal gold futures that involved more than 58 billion yuan (US$8.49 billion), a local court ruling said yesterday.

It was believed to be the country's biggest ever case of illegal gold futures dealing.

Zhang Yong, legal representative of Zhejiang Century Gold Product Company, was guilty of illegal operations and flight of capital and was fined 1.2 million yuan, Shangcheng District People's Court in Hangzhou said.

Wang Jianping, an employee of the company, was sentenced to three years in jail with a four-year reprieve for the crime of illegal operation. Wang was also fined 100,000 yuan. The company was fined 71 million yuan, the court said.


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