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The trial of an official with the China Securities Regulatory Commission, accused of extorting money from a Fujian-based company, opened in Beijing yesterday.
According to prosecutors, Wang Xiaoshi, 44, and his accomplice Lin Bi received 1.4 million yuan (US$173,000) from the Fujian Fengzhu Textile Technology Stock Company.
Wang, a former deputy department director of the securities regulatory commission's stocks issuance examination committee, denies the charge.
He admitted receiving a bribe of 720,000 yuan (US$88,800) from Lin Bi, acting president of the Beijing Huazhang Investment Management Company.
The Beijing No 1 Intermediate People's Court heard the case for the first time yesterday, a year after Wang and Li were arrested.
No verdict has yet been given.
Because of lack of evidence, the No 1 branch of the Beijing Municipal People's Procuratorate sent the case back to the public security authority twice in April and July for further investigation.
The investigation period was also expanded three times because the case is "extremely complicated," said prosecutor Di Guizhen.
From February to September 2002, Wang is alleged to have colluded with Lin to use Wang's power to help the Fujian-based company apply for a stock market listing.
It is also alleged that Wang introduced Lou Jian and Qi Lei, two officials responsible for approving the Fujian-based company's application, to officials with the company.
Enterprises have to be approved by the commission before being listed. Officials working on approvals are selected randomly, and some companies are eager to curry favour with officials who will be considering their application.
Wang said yesterday that he was unaware of the regulatory commission's rules forbidding staff from individually meeting people from companies that apply to be listed.
"Lin introduced officials from the Fujian company to me because they wanted to get to know my colleagues," he said.
"The company wanted to get to know all the China Securities Regulatory Commission's officials, not just Lou and Qi. It was not a secret scheme to help the company's listing application.
"I did not aim to interfere in the work of my two colleagues. In fact, they and I did not have any power at all."
As well as charges of receiving a bribe of 680,000 yuan (US$83,800) from the Fujian company, Wang's co-accused, Lin Bi, is also charged with extorting 318,000 yuan (US$39,200) from Northwest China's Gansu Yasheng Industrial Group in 2002.
At that time, Lin was an official with the Northeast Securities Fuzhou Office in Fujian Province.
Lin claims the money was a normal industry-recognized fee and denies extorting money from the companies.
(China Daily November 9, 2005)
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