China axes two party officials over bribery, insider trading

Continuing its disciplinary spree and anti-bribe campaign, the Chinese Communist Party (CCP) has axed two party functionaries.

Tong Daochi, a former Communist party official of Hainan Province, has been sentenced to death on bribery and insider trading charges.

Another party official, Wang Xuechao, who worked at the Export-Import Bank of China has been axed on charges of indiscipline. He headed the Bank’s Infrastructure Office as director.   Wang joined the CCP in August 1976. And in April 1999, he was transferred to the Export-Import Bank of China

The Shenzhen Intermediate People’s Court in Guangdong Province in its June 2 verdict, deprived Tong of his political rights; his property has been confiscated deeming it as illegal gains, says a Chinese media report.

“The sum of bribes Tong had taken was especially huge and the circumstances of his crime were especially heinous, inflicting huge losses to the state and the people”, the court observed and noted that he had confessed to his crime. “He showed repentance and cooperated with the investigators”.

Tong Daochi, served as a standing committee member of the Hainan Provincial Committee of the Communist Party of China. He was also Party chief of the province’s Sanya City and held posts at the China Securities Regulatory Commission (CSRC). He is accused of insider trading  while at the regulatory body to buy stocks worth over 31.65 million Yuan.

The chargesheet that between 2004 and 2020, Tong had taken advantage of his various posts at the CSRC and in Hainan to “offer assistance to others regarding the listing of companies, business operation, financing borrowing and personnel promotion”. In return, he accepted money and gifts worth over 274 million yuan (about 41 million US dollars) either by himself or via people affiliated with him, the media report said. (SAT)