China Fines State-Backed Everbright $85M Over Trading Error

Law360, New York (August 30, 2013, 4:10 PM EDT) -- China’s securities regulator on Friday said it has fined state-backed brokerage Everbright Securities Co. Ltd. 523.3 million yuan ($85.5 million) after a trading error unleashed chaos on the Shanghai Stock Exchange two weeks ago.

The China Securities Regulatory Commission further ordered the company to disgorge 87.2 million yuan in ill-gotten income obtained after the error, and banned four Everbright executives from the securities industry for life. The executives, Xu Haoming, Yang Chi Chung, Shen Shi Light and Yang Jianbo were also each fined 600,000 yuan....
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