Former senior Chinese Communist Party official Long Xiang was accused of illegally obtaining insider information on securities trading, buying securities before information impacting trading prices was publicly disclosed, with the circumstances being particularly serious. Long Xiang was charged with corruption, bribery, abuse of power, and insider trading.
On January 13th, the Supreme People’s Procuratorate of China announced that the investigation into Long Xiang, former Party Secretary and Director of the Standing Committee of the People’s Congress of Nanjing, Jiangsu Province, on suspicion of corruption, bribery, and abuse of power had concluded, and he was transferred to the procuratorate for prosecution. The Supreme People’s Procuratorate made the decision to arrest Long Xiang on charges of corruption, bribery, and abuse of power. Recently, the Jingzhou City Procuratorate has filed a lawsuit with the Jingzhou Intermediate People’s Court.
According to the indictment, Long Xiang and other state functionaries used their positions to illegally obtain public funds through deceit, with a significant amount involved. Long Xiang also took advantage of his positions as Deputy Secretary of the Nanjing Municipal Commission for Discipline Inspection, Director of the Municipal Supervision Bureau, member of the Municipal Party Committee, Secretary of the Municipal Commission for Discipline Inspection, Deputy Secretary of the Municipal Party Committee, Party Secretary and Director of the Standing Committee of the Municipal People’s Congress to seek benefits for others, illegally accepting large sums of money.
The charges further stated that Long Xiang abused his power, causing significant losses to public property, and illegally obtained insider trading information, buying securities before the information that significantly impacted trading prices was made public, with the circumstances being particularly serious. He is held accountable for crimes of corruption, bribery, abuse of power, and insider trading.
Long Xiang was officially reported to have fallen from grace on April 3 last year, becoming the 14th senior official to be reported by the Central Commission for Discipline Inspection in the previous year. Senior officials are those managed and appointed by the Central Committee of the Communist Party of China, mostly holding positions at the vice-ministerial level or higher.
Long Xiang was a local official from Jiangsu, with a career in discipline inspection lasting 29 years. He had served as Deputy Secretary of the Nanjing Municipal Commission for Discipline Inspection, Director of the Municipal Supervision Bureau, member of the Nanjing Municipal Party Committee, Secretary of the Municipal Commission for Discipline Inspection, Deputy Secretary of the Nanjing Municipal Party Committee, Party Secretary and Director of the Standing Committee of the Nanjing Municipal People’s Congress in January 2018, when he was promoted to the vice-ministerial level before his downfall.