Politics
15:54, 28-Sep-2018
Former Chinese securities regulator sentenced for bribery
Updated
14:53, 01-Oct-2018
["china"]
Share
Copied
Yao Gang, former vice chairman of the China Securities Regulatory Commission (CSRC), was on Friday sentenced to 18 years in prison and fined 11 million yuan (around 1.6 million US dollars) for taking bribes and insider trading.
His illicit gains will be turned over to the State Treasury, according to the Intermediate People's Court of Handan, northern China's Hebei Province.
Yao was accused of using his positions to seek benefits for certain organizations and in return accepting money and property worth of over 69.61 million yuan (10.46 million US dollars) through his family members between 2006 and 2015.
He had also used insider information acquired during his work from January to April in 2007 to carry out insider trading, including buying shares before information was made public, and gained more than 2.1 million yuan, according to prosecutors.
The court said the verdict lenient as Yao pleaded guilty with repentance.