Ex-senior securities regulator Yao Gang admits insider trades, 69m yuan bribes

Business | 11 Jul 2018 8:30 pm

Yao Gang, the former vice chairman of the China Securities Regulatory Commission, pleaded guilty today for taking bribes and insider trading at the Intermediate People's Court of Handan in northern Hebei province, Xinhua reports.

The verdict was not announced today.

Yao stood trial accused of using his positions to seek benefits for certain organizations and in return accepting money and property worth of over 69.61 million yuan (US$10.46 million) through his family members between 2006 and 2015.

He is also accused of using insider information acquired between January and April 2007 to carry out insider trading and illegally gaining more than 2.1 million yuan, according to prosecutors.

His relatives, local lawmakers, political advisers, journalists and members of the public witnessed the trial, Xinhua says.

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