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Rise In Insider Trading
By Wang Qingchu |
April 1, 2011, Friday
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Print Edition
Print Edition
OFFICIALS warned yesterday that insider trading has become a new way for officials to abuse their power and pursue unlawful economic gains as new details emerged in a corruption case in southern China's Guangdong Province.
Li Qihong, former mayor of Zhongshan City, made 19.8 million yuan in less than two months through insider trading in 2007, Nanfang Daily reported yesterday, citing Zhao Zhenhua, deputy Party secretary of Commission for Discipline Inspection in Guangdong Province.
Li started to work on the reorganization of a public listed company in Zhongshan after taking office in January 2007. The reorganization plan was announced and later that year the shares jumped the daily limit of 10 percent for 14 consecutive trading days.
Li instructed her husband and sister-in-law to pool over 6.7 million yuan to buy the shares. They earned a total of 19.8 million yuan in less than two months.
Li Qihong, former mayor of Zhongshan City, made 19.8 million yuan in less than two months through insider trading in 2007, Nanfang Daily reported yesterday, citing Zhao Zhenhua, deputy Party secretary of Commission for Discipline Inspection in Guangdong Province.
Li started to work on the reorganization of a public listed company in Zhongshan after taking office in January 2007. The reorganization plan was announced and later that year the shares jumped the daily limit of 10 percent for 14 consecutive trading days.
Li instructed her husband and sister-in-law to pool over 6.7 million yuan to buy the shares. They earned a total of 19.8 million yuan in less than two months.
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