Former senior Hainan official stands trial for graft, insider trading

SHENZHEN, Jan. 13 (Xinhua) -- Tong Daochi, a former senior official of south China's Hainan Province, on Thursday stood trial at the Shenzhen Intermediate People's Court in Guangdong Province on charges of taking bribes and insider trading, the Supreme People's Procuratorate (SPP) said Thursday.

Tong was a former standing committee member of the Hainan Provincial Committee of the Communist Party of China (CPC) and former Party chief of Sanya. He had also held posts at the China Securities Regulatory Commission (CSRC).

According to the prosecutors, Tong abused the various positions he formerly held to assist others in matters including company listing, business operation, loans and promotions, and accepted money and goods worth more than 274 million yuan (about 43.12 million U.S. dollars) in return.

When holding posts in CSRC, Tong leaked sensitive stock information to relatives and associates, enabling them to profiteer from the stock market, the prosecutors added.

The prosecutors, the defendant and his lawyers cross-examined the evidence and gave their respective accounts, according to a court statement. Tong pleaded guilty and expressed remorse in his final statement.

The trial was attended by more than 30 people, including lawmakers, political advisors and members of the public.

The verdict will be announced in due course.