CHINA / National |
Manager fined for insider trading(Xinhua)Updated: 2007-05-23 22:51 The China Securities Regulatory Commission (CSRC) announced Wednesday it has fined a former company manager 200,000 yuan (26,130 U.S. dollars) in the latest case of insider trading. Chen Jianliang, former vice general manager of the Shenzhen-listed Xinjiang Tianshan Cement Co., Ltd., is also barred from senior management position in any publicly traded companies and securities brokerages for five years, said CSRC. Chen bought and sold two million shares of Xinjiang Tianshan before the public announcement of his company's stock transfer plan on June 29, 2004, the securities regulator said. An investigation by CSRC shows he traded the stock after he was notified of the transfer plan in mid June. Senior management staff of listed companies are barred from stock trading with inside information, CSRC said, adding more harsh efforts will be made to crack down on insider trading. Earlier on May 16, Tang Jian, a fund manager at the China International Fund Management Co., in which JPMorgan Asset Management (UK) Limited holds a 49 percent stake, was fired for insider trading. The strong gains in the stock markets have prompted the securities watchdog to be wary of trading irregularities amid efforts to prevent stock bubbles. The benchmark Shanghai Composite Index has added 56 percent this year after surging 130 percent last year. The CSRC unveiled new rules on Tuesday to impose transaction restrictions on accounts of people who are being investigated for stock market manipulation and insider trading. The rules, which went on effective on Tuesday, state the restricted accounts, including fund and securities accounts, will be barred from buying, or selling shares and other products for 15 days. The ban can be extended by another 15 days if the investigation is complicated. |
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