Anti-corruption official accused of insider trading

Anti-corruption official accused of insider trading

The wife of the embattled former publisher of Guangzhou Daily has leveled accusations at a local anti-corruption official involved in the indictment of her husband, who has denied all corruption charges against him in a court trial.

Yang Lanling, wife of former Guangzhou Daily publisher Dai Yuqing, accused Wang Xiaoling, head of the Party discipline inspection commission of Guangzhou and the top anti-corruption official in the South China metropolis, of having been involved in insider dealing on stock markets and of making profits of more than 70 million yuan (S$14 million).

Yang said she hoped that anti-corruption authorities and relevant departments will launch an investigation, according to China Business News.

Yang had switched off her cellphone on Wednesday and was not available for immediate comment. She was said to be in Beijing.

The Guangdong provincial anti-corruption authority that supervises the Guangzhou agency said on Wednesday that it had not received a report and could not comment.

Yang alleged that Wang and Wang's relatives illegally earned the profits when Wang was publicity chief of the city and also the boss of Dai, then publisher of Guangzhou Daily Group, which is listed on the Shenzhen Stock Exchange.

In 2010, Guangzhou Daily Group decided to inject its assets into the listed company, which was a significant deal for the listed company.

Yang alleged that Wang's relatives acquired almost 27 million shares before the news was announced and then sold them 10 days later, making a huge fortune.

Yang also accused Wang of involvement in illegally arranging for her relatives to secure construction contracts with Guangzhou Daily, but she did not provide details.

Dai himself was charged with taking bribes of 2.5 million yuan when he was publisher of the newspaper group, which used to be the biggest newspaper company in China in terms of advertising revenue.

However, Dai denied all charges against him on March 28 when he appeared at a court in Dongguan and claimed prosecutors had pressured him to secure a confession.

Dai claimed during the trial that he was framed by Wang because he did not follow her orders.

Mei Heqing, a member of the standing committee of the Guangzhou Party Commission of Discipline Inspection, said it was not surprising for a defendant to retract his confession and plead not guilty during a hearing.

"Facts are more eloquent than words and the court and prosecutors," Mei told a news conference in Guangzhou on Monday.

The city's anti-corruption agencies have presented evidence, including tape recordings, video and related documents, in dealing with Dai's case, Mei added.

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