CSRC ex-boss goes on trial over graft

YAO Gang, former vice chairman of the China Securities Regulatory Commission, stood trial yesterday on bribery and insider trading charges at the Intermediate People’s Court of Handan in northern Hebei Province.

Yao is accused of using his various official positions to seek benefits for certain organizations and in return accepting money and property worth more than 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 during his work from January to April 2007 to carry out insider trading and illegally gaining more than 2.1 million yuan, according to prosecutors.

Yao’s lawyer spoke in his defense. He pleaded guilty during the trial, where his relatives, local lawmakers, political advisors, journalists and members of the public were present.

A verdict is yet to be announced.