Xu Baoyi, former deputy general manager of China National Grain Reserves Corporation, was found guilty of bribery, dereliction of duty by personnel of state-owned companies, and the first instance verdict of insider trading cases was pronounced
Today, the Intermediate People's Court of Datong City, Shanxi Province publicly sentenced Xu Baoyi, a former member of the Party Group and Deputy General Manager of China Reserve Grain Management Group Co., Ltd., to bribery, dereliction of duty by state-owned company personnel, and insider trading in the first instance. The defendant Xu Baoyi was sentenced to eleven years in prison and fined 1.3 million yuan for bribery; Sentenced to four years imprisonment for dereliction of duty by personnel of state-owned companies; Sentenced to six years imprisonment and fined RMB 1000 for the crime of insider trading, and decided to execute the sentence of seventeen years imprisonment and fined RMB 1.31 million. The property and profits obtained from Xu Baoyi's bribery shall be recovered in accordance with the law and turned over to the national treasury.
After trial, it was found that from 2006 to 2021, the defendant Xu Baoyi took advantage of his position as Deputy Director of the Enterprise Listing Office in Daqing High tech Industrial Development Zone, Assistant Director of the State owned Assets Supervision and Administration Commission of the People's Government of Gansu Province, Chairman of Gansu State owned Assets Operation Co., Ltd., Assistant General Manager, Party Committee Member, and Deputy General Manager of China Supply and Marketing Group Co., Ltd., member of the Party Group and Deputy General Manager of China Reserve Grain Management Corporation, as well as the convenience conditions formed by his authority or position, to provide assistance to relevant units and individuals in matters such as project contracting, enterprise operation, payment of project funds, and work arrangements. He illegally received property from others, totaling RMB 13.79489 million. From February to September 2014, Xu Baoyi, while serving as the Chairman and Legal Representative of China Supply and Marketing Petroleum Co., Ltd., was seriously irresponsible and illegally engaged in trade financing called fertilizer purchase and sale, which was actually a borrowing and lending of funds, resulting in losses of more than 101 million yuan for state-owned companies and particularly significant losses to national interests. In 2015, Xu Baoyi illegally obtained insider information on securities trading. Before the information was made public, he explicitly stated that others were buying and selling the securities, with a total transaction amount of more than 46.78 million yuan. The circumstances were particularly serious.
The Intermediate People's Court of Datong City believes that the defendant Xu Baoyi's behavior constitutes the crime of bribery, the crime of dereliction of duty by state-owned company personnel, and the crime of insider trading. Considering that his bribery of 2.76 million yuan was attempted; After arriving at the case, he/she can truthfully confess the crime and voluntarily disclose most of the bribery facts that the supervisory authority has not yet mastered; Admitting guilt and repenting, actively returning stolen goods, accepting bribes, and recovering all stolen funds and goods, with statutory or discretionary lenient punishment circumstances, can be given lenient punishment according to law. The court then made the above judgment.