Friday 30 September 2016

Chinese authorities widen stock market probe

Engem Tham

Published 16/09/2015 | 02:30

In August, four senior executives from CITIC confessed to insider dealing, state media said.
In August, four senior executives from CITIC confessed to insider dealing, state media said.

The general manager of China's largest financial brokerage, CITIC Securities, is under police investigation, the company said yesterday. He is the latest senior executive at the firm to come under scrutiny as Beijing intensifies probes into irregular stock trading activity.

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Since China's recent stock market sell-off, authorities have taken an increasingly tough line on alleged market manipulation, netting even journalists, social media users and regulators.

CITIC could not be reached for comment.

Cheng Boming, the general manager and executive director at CITIC since 2012, and Wang Jinling, vice manager of the information technology centre, are both suspected of insider trading and leaking information, the company said in a statement posted on the Shanghai stock exchange website.

A third official, Yu Xinli, the head of the brokerage's operational management department, is also being investigated for the same alleged offences.

In August, four senior executives from CITIC confessed to insider dealing, state media said. (Reuters)

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