(Beijing News) Yao Gang, the former vice chairman of the China Securities Regulatory Commission, was sentenced to 18 years in prison and a fine of 11 million yuan (RMB, the same below, about S$2.2 million) for bribery and insider trading yesterday.At the same time, the property obtained by his crime will be turned over to the state treasury.
A total of 69.61 million yuan of bribes were received through relatives
According to Xinhua News Agency, Yao Gang was accused of being an assistant to the chairman and vice chairman of the China Securities Regulatory Commission from 2006 to 2015.Provided help and accepted bribes through his close relatives totaling more than 69.61 million yuan.
In addition, from January to April 2007, Yao Gang also took advantage of his position as assistant to the chairman of the China Securities Regulatory Commission and director of the Issuance Supervision Department to learn insider information about the reorganization and listing of relevant companies, and used the stock accounts of others actually controlled by him to suspend trading in related stocks.Buying before the resumption of trading and selling after the resumption of trading, the illegal profits totaled more than 2.1 million yuan.
According to public information, the 56-year-old Yao Gang is a doctor of economics. He was the general manager of Guotai Junan Securities Co., Ltd., the assistant to the chairman of the China Securities Regulatory Commission, and served as the vice chairman of the China Securities Regulatory Commission in 2008.He has been in charge of the Ministry of Issuance Supervision of the China Securities Regulatory Commission for 13 years, and he has the power to review the issuance of initial public offerings (IPOs) in the A-share market, which has earned him the title of Emperor of Issuance in the capital market.He was sacked in November 2015 for suspected serious violations of discipline, and was expelled from the party and public office in July last year.
