China Sentences Ex-Securities Minister to Death

A former senior Chinese official who worked for the World Bank was sentenced to a suspended death penalty for bribery.

Tong Daochi was the latest high-ranking Communist party member to be punished as part of President Xi Jinping’s anti-corruption campaign.

According to a report by Xinhua, the 54-year-old Daochi was jailed after allegedly earning more than $41 million in bribery and insider trading while working at the Rand Corporation, a think-tank based in the United States (US).

The Shenzhen Intermediate People’s Court in Guangdong Province also stripped Tong of his political rights for life and had all of his personal property confiscated.

The people’s court added that Tong’s illegal gains, that was obtained through the crimes, as well as the benefits derived from them, should be confiscated and turned over to the state treasury.

Formerly, Tong was a member of the Communist Party of China’s Hainan Provincial Committee’s standing committee and the former Party chairman of the province’s Sanya City. 

Tong previously worked for the China Securities Regulatory Commission (CSRC).

The court determined that between 2004 and 2020, Tong used his different positions at the CSRC and in Hainan to aid others with company listing, business operation, financing borrowing, and staff promotion.

Tong was also found to have used inside information received through his position at the CSRC to urge his close relatives and other close connections to buy relevant stocks worth over 31.65 million yuan ($4.7 million) between 2006 and 2007, resulting in unlawful earnings of over 3.38 million yuan ($506,000).

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