.contact us |.about us
    News > National News...
    Search:
        Advertisement
    Five sentenced in major stock manipulation case
    ( 2003-09-26 11:15) (Xinhua)

    A local court in Guangzhou, the capital of south China's Guangdong province, has sentenced five persons involved in a massive stock manipulation case to jail terms ranging from two years and three months to three and a half years.

    Between October 1998 and February 2001, a number of manipulators, including the five people, guided the prices of the stock "Yi'an Science", on the Shenzhen Stock Exchange, one of the two bourses in China.

    Through a series of sophisticated manipulative activities, under over 700 different names, the criminal group used 3.7 billion yuan (US$450 million) to send the prices of the stock skyrocketing to 126.31 yuan (US$15) from 7.55 yuan.

    The manipulation resulted in huge profits of approximately 460 million yuan (US$56 million) and aroused serious concern among the public.

    In recent years, the government has looked into and punished a number of stock manipulation cases, in an effort to regularize the stock market.

    The five people are: Li Hongqing, vice-president of Yi'an Group, on Thursday sentenced to three and a half years; Luo Jianzi, three and a half years plus a fine of 500,000 yuan, or around US$60,000; Cheng Bingfang, two years and nine months; He Xinxiang, two years and three months; and Wang Qi, two years and three months.

     
    Close  
       
      Today's Top News   Top National News
       
    +FM outlines 5-point plan to address global challenges
    ( 2003-09-26)
    +Focus: Seeking help for AIDS orphans
    ( 2003-09-26)
    +Beijing airport mock drill passes terror test
    ( 2003-09-26)
    +Strong north Japan quake injures 160
    ( 2003-09-26)
    +Rescue teams closing in on stranded expedition
    ( 2003-09-26)
    +Chinese President to visit Australia
    ( 2003-09-26)
    +Man jumps on to Shanghai subway tracks, halting trains
    ( 2003-09-26)
    +Chinese medical team on anti-AIDS frontline in Africa
    ( 2003-09-26)
    +China pays salary to prisoners at labor camp
    ( 2003-09-25)
    +Two feared dead in Pearl River mishap
    ( 2003-09-26)
       
      Go to Another Section  
         
     
     
         
      Article Tools  
         
       
         
       
            .contact us |.about us
      Copyright By chinadaily.com.cn. All rights reserved