CSRC imposes second multi-billion yuan fine
February 27, 2017 Category Stock Markets, Weekly
Xian Yan, a senior executive of Shenzhen-listed Guangxi Future Technology, was fined CNY3.47 billion for stock price manipulation and wrongdoings in information disclosure, the China Securities Regulatory Commission (CSRC) said. Xian and 10 other company executives were also barred for life from working in the securities market. Xian is the second executive this year to receive a huge fine from the stock market regulator after Xu Xiang was fined CNY11 billion by a court in Qingdao. The fine was the largest ever imposed in China for financial wrongdoing. Xu, 39, was also sentenced to five-and-a-half years in jail and had CNY9.3 billion of “ill-gotten” assets amassed by him and two associates confiscated by the state, news portals including Sohu and Sina reported. China intends to apprehend a group of tycoons – known as the “big crocodiles” of China’s stock market – and bring them back to China to face justice, Liu Shiyu, Chairman of the CSRC, said in early January.
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