- Cao accepted nearly US$30 million from businesspeople to help them win contracts, court says
- He also leaked information so others could gain millions from insider trading, it says
A former senior official in central China was sentenced on Friday to life in prison for taking over 216 million yuan (US$29.8 million) in bribes and helping others to profit from insider trading.
The Xuzhou Intermediate People’s Court in the eastern province of Jiangsu handed down the sentence to Cao Guangjing, 60, former deputy governor of Hubei province.
The court said Cao took advantage of his senior positions at China Three Gorges Corporation and the Hubei government from 2004 to 2022, taking bribes to help others win business contracts.
He also was convicted of leaking information about the bailout plan of a Hubei listed company in January 2021 when he was the province’s deputy governor and in charge of the restructuring operation.
The leak enabled an unidentified party to buy shares in the listed company before the bailout plan was announced, and profit by more than 10.4 million yuan, the court said.
The court said the amount of bribes Cao accepted was “particularly huge”, and the circumstances of the cases were “particularly serious”.
He was ordered to serve life in prison on the bribery charges and six years for insider trading.
