Former provincial official stands trial for graft

Bai Xiangqun, former vice chairman of the government of north China's Inner Mongolia Autonomous Region, stood trial for bribery, embezzlement, insider trading and leaking insider information at the Intermediate People's Court of Dalian in northeast China's Liaoning Province Thursday.

File photo of Bai Xiangqun [Photo: mca.gov.cn]

Bai was charged of taking advantage of his various positions, including secretary of the Communist Youth League Inner Mongolia Autonomous Region committee and deputy secretary of the Communist Party of China Wuhai municipal committee, to benefit others in coal resources allocation, real estate development, securing construction projects and job adjustments and promotions from 1999 to 2018.

In return, he asked for and accepted money and property worth more than 85.15 million yuan (12.7 million U.S. dollars).

Between 2008 and 2012, Bai took advantage of his posts to embezzle public assets worth more than 7.12 million yuan, prosecutors said.

From October 2010 to February 2015, Bai illegally acquired insider information and ordered others to buy stocks, earning more than 17.17 million yuan in profits. His leaking of insider information resulted in others illegally making a profit of 40.52 million yuan in transactions worth of 43.08 million yuan.

Bai pleaded guilty, expressed remorse in court and decided not to appeal.

The verdict will be announced in due course.