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CEO of China's Founder Group fined 108 mln USD for insider trading

Xinhua, November 25, 2016 Adjust font size:

The chief executive officer of China's technology conglomerate Founder Group was jailed for four and a half years and fined 750 million yuan (108 million U.S. dollars) for insider trading and other offences.

Li You was sentenced by Dalian Intermediate People's Court. All his illegal earnings have been seized.

Li used inside information to make gains from stock transactions and asked others to hide financial information and obstruct the police, the court found.

Eleven others were sentenced in the same case, but the court did not elaborate on their sentences.

All the 12 defendants have said they will not appeal against the verdicts.

Founder Group, 70 percent owned by the prestigious Peking University, runs businesses in information technology, pharmaceuticals, real estate, finance and commodities. Endi