Supreme Procuratorate protests against insider trading rule by court

BEIJING - China's Supreme People's Procuratorate (SPP) lodged a protest against the ruling of the country's largest insider trading case on Tuesday.

Ma Le, a former Bosera fund manager between March 9, 2011 and May 30, 2013, was sentenced to three years with a five-year-reprieve for insider trading, Shenzhen Intermediate People's Court March ruled earlier this year.

Ma's illegal earnings of 18.83 million yuan make his case the largest monetary insider trading case to date. All money was confiscated and he was fined an additional 18.84 million yuan.

On April 4, Shenzhen municipal people's procuratorate asserted the law applied in the judgment of the first trial was wrong and the penalty was inappropriate so they protested the ruling.

However on Oct. 20, the Guangdong Provincial Higher People's Court made the final judgment, turning down the protest and upholding the decision in the first trial.

Guangdong Provincial People's Procuratorate believed that the final judgment was wrong and asked the SPP to protest against it on Nov. 27.

The SPP on Tuesday upheld Guangdong Provincial People's Procuratorate's stance, and decided to make protest to the Supreme People's Court in accordance with trial supervision procedure.