Xu Baoyi, former deputy general manager of China Grain Reserves Group (Sinograin), stood trial for bribery, dereliction of duty by personnel of state-owned enterprises, and insider trading on Thursday.
The case was heard by the Intermediate People’s Court of Datong in north China’s Shanxi Province.
Xu was accused of taking advantage of his various positions between 2006 and 2021 to seek benefits for others in matters such as project contracting, enterprise operations, payment of project funds, and job arrangements. In return, he accepted money and valuables worth 13.8 million yuan (about 2 million U.S. dollars), according to prosecutors.
He was also accused of being irresponsible as chairman of a petroleum-related state-owned enterprise and causing massive losses to state interests.
The indictment also charged him with illegally obtaining stock exchange transaction information before its publication and instructing others to conduct related transactions.
During the trial, prosecutors presented their evidence. The defendant and his defense counsel cross-examined the evidence.
In his final statement, Xu pleaded guilty and expressed remorse.
Xu’s sentence will be announced at a later date.
