CSRC reginoal chief arrested
| Provincial chief securities regulator hit with bribery |
| 2007-2-13 |
DING Ruopeng, former director of Heilongjiang Provincial Branch of China Securities Regulatory Commission, has been prosecuted for bribe-taking allegations.
Authorities alleged Ding took bribes totaling US$157,500 on three separate occasions during and after his tenure as chief of CSRC Heilongjiang Provincial Branch from 1997 to 2005, according to the office with the Heilongjiang Provincial Leading Group of Commercial Bribe Prevention and Control.
During his tenure as the director of CSRC Heilongjiang Provincial Branch, Ding was responsible for investigating and handling misappropriation of clients' guarantee funds by Beiya Industrial (Group) Co Ltd, a local company engaged in railway freight, passenger transport and development of rail high-tech commodities.
In one of the allegations, prosecutors charged that in return for Ding's assistance in the process of investigation and the issue of new shares, chairman of Beiya Industrial, who was only identified by his surname as Liu, promised to buy an apartment in Beijing for Ding after Ding retired from his leadership post.
Ding was dismissed by his post in September 2005, but was soon appointed as an inspector. To honor his promise, Liu, who first sought Ding's opinion, gave 1.02 million yuan (US$130,700) to Ding's son for purchase of an apartment in a residential quarter in Beijing last March.
In another bribery charge, authorities alleged that in the latter half of 2003, the general manager of Dongfei Tongyuan Construction and Decoration Company in Heilongjiang, identified by his surname as Yang, turned to Ding, asking Ding to help him secure a decoration project at a real estate company owned by Beiya Industrial. Ding obliged.
Yang rewarded Ding with US$10,000 in cash at the end of 2003.
