Indicted Former China Supreme Court Judge Accused of Taking 39m Yuan
A former Supreme Court judge who was indicted in October for accepting an unspecified bribe has now been accused of having taken 39 million yuan ($5.7 million) in stock in a tech company for using his influence to help get the firm listed on a Shenzhen stock market.
Xi Xiaoming, former vice president of China's Supreme People's Court, used his influence to help Beijing Tensyn Digital Marketing Technology Joint Stock Company to get listed on Shenzhen's ChiNext exchange, a Nasdaq-style board for hi-tech enterprises, in 2011, according to a statement Tensyn released Wednesday. The company cited an indictment letter it received from a prosecutorate in Tangyin county, Henan province.
The prosecutorate is indicting Tensyn's top executive, Xu Wei, for bribing Xi's son Xi Jiacheng to help with its IPO, promising to give Xi Jiacheng 480,000 company shares. The company successfully went public in September 2014, and Xu fulfilled his promise later, giving Xi Jiacheng shares that prosecutors said were worth 39 million yuan.
Tensyn's statement about the judge's indictment did not explain in what way he helped facilitate the company's IPO or helped his son do so.
Xi Xiaoming came under investigation for corruption on July 12, 2015. On Oct. 18 of this year, authorities said he would be indicted for trading power "for a huge bribe," but the amount was not disclosed at the time.
According to an earlier risk report statement by Tensyn, the company may face a fine of up to 78 million yuan, and Xu may face a jail term of up to five years.
Tensyn is related to a private equity firm founded by Ling Wancheng, brother of disgraced senior Communist Party official Ling Jihua.
The firm, named Huijin Lifang, invested in seven companies including Tensyn. All of the companies listed between 2009 and 2014, earning Huijin Lifang a total of 1.4 billion yuan after selling its stakes in those firms following their IPOs.
Ling Jihua, a former head of the General Office of the Communist Party of China Central Committee, was sentenced to life in prison for taking bribes and illegally obtaining state secrets. Ling Wancheng has fled to the U.S. to avoid prosecution.
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