Chinese stock regulators levy $870M fine in scandal - InfoNews

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Chinese stock regulators levy $870M fine in scandal

March 13, 2018 - 9:41 PM

BEIJING - China's securities regulator says it has imposed a record 5.5 billion yuan ($870 million) fine on a company that manipulated share prices in the latest scandal to roil the country's markets.

The China Securities Regulatory Commission said Wednesday the company in the southeastern city of Xiamen made 945 million yuan ($150 million) by using 300 trading accounts to manipulate share prices of two banks and one company.

The agency gave no details of the possible criminal charges against employees of the company, Xiamen Beibadao Group, a private owner of railway cars.

China's securities markets have been shaken by scandals over the past two years. A prominent trader was sentenced last year to 5 1/2 years in prison and the general manager of the country's biggest brokerage was arrested in 2016.

News from © The Associated Press, 2018
The Associated Press

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