China Regulator Punishes Fund Managers For Illicit Trading

Tom Burroughes

23 April 2008

China's securities regulator has banned a former manager at a JPMorgan fund joint venture from working in capital markets for life for insider trading, state media said, according to AFP. Tang Jian, a former manager with China International Fund Management, was also fined 500,000 yuan , the China Securities Regulatory Commission said in a statement. In addition, 1.5 million yuan in illegal gains in Mr Tang's possession were confiscated, according to the statement. Tang was sacked by the Shanghai-based JPMorgan joint venture last May after the regulators launched a probe into the illicit transactions. The agency also said Wang Limin, a former fund manager with China Southern Fund Management, was given a seven-year ban from capital markets for similar illicit trading. The regulators have stepped up efforts to clamp down on rampant insider trading and stock price manipulation in recent years after several scandals raised concerns over the credibility of brokerages and fund managers.