Caixin
Oct 12, 2018 08:32 PM
FINANCE

This Week’s Movers and Shakers

Yao Gang (left) and Li Zhiling
Yao Gang (left) and Li Zhiling

| World of finance

Former IPO gatekeeper behind bars: Veteran regulator Yao Gang (姚刚), a former vice chairman of China’s securities watchdog, has been sentenced to 18 years in prison and fined 11 million yuan ($1.59 million) for taking bribes and insider trading.

From 2006 to 2015, Yao took advantage of his positions at the China Securities Regulatory Commission (CSRC) to gain benefits from companies involved in mergers or share transfers and to help companies under the commission’s supervision avoid penalties, according to a court verdict. In return, he received bribes worth nearly 70 million yuan paid through his relatives. He was also involved in insider trading in 2007 when he headed the CSRC department that reviews applications for initial public offerings (IPOs).

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