The Beijing High Court issued a rare criticism of China’s top securities regulator on Tuesday over the high-profile prosecution of a Chinese businessman for insider trading.
The court ruled to revoke a Rmb 130 million ($19 million) penalty given by the China Securities Regulatory Commission (CSRC) to Su Jiahong in 2016 on counts of insider trading, according to Caixin, citing a lack of evidence and violations of investigative procedures.
Su was charged with earning over Rmb 65 million from illegal stock trading in 2016, with the CSRC using his personal phone calls and text messages as evidence in the case. The recipient of the messages, fellow businessman Yin Weiguo, was never asked to testify in the case meaning that the prosecution was based only on material evidence.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved