China News Service, February 4 (Xinhua) Zhang Xiaojin, Director of the Fourth Procuratorate of the Supreme People's Procuratorate, said in an online interview with the Director of the Supreme People's Procuratorate on February 4 that from January to November 2023, procuratorial organs nationwide prosecuted 117 cases of securities crimes319 people, a year-on-year increase of 42.7% and 12.7%. The Supreme People's Procuratorate supervised the handling of 8 major criminal cases involving private equity funds, and jointly supervised the handling of 12 major financial fraud criminal cases with the Ministry of Public Security, forming an efficient joint force.
Zhang Xiaojin pointed out that securities and futures crimes seriously undermine the operation foundation of the capital market, infringe on the legitimate rights and interests of investors, and endanger economic and financial security. The Party Central Committee and the State Council have clearly stated that they must adhere to the "zero tolerance" requirement, strictly investigate and deal with securities illegal and criminal cases in accordance with the law, and provide strong support for accelerating the construction of a standardized, transparent, open, dynamic and resilient capital market, which is a clear direction for prosecutors to perform their duties. It is necessary to adhere to the main tone of "strictness", purify the market ecology, maintain market order, and provide legal guarantee for the healthy development of the market through high-quality and efficient case handling. Securities crimes cases such as financial fraud, misappropriation of listed company assets, insider trading, market manipulation, "rat warehouses" and other securities crimes shall be prosecuted strictly and expeditiously in accordance with the law and throughout the entire chain; it is necessary to strengthen the connection between executions and strictly punish securities violations and crimes; focus on tightening the control of listed company holdings The key responsibilities of shareholders, actual controllers, directors, supervisors and senior management, and the “gatekeeper” responsibilities of intermediary organizations and financial institutions. Promote the formation of a legal market environment that dares not commit crimes, cannot commit crimes, consciously regulates, and does not step on red lines.
Zhang Xiaojin introduced that in the past year, procuratorial organs at all levels have strictly implemented the central deployment, adhered to a "zero tolerance" attitude and strictly pursued crimes in accordance with the law, actively protected the rights and interests of investors, and maintained good order in the market.
First, strictly pursue securities and futures crimes in accordance with the law and improve the quality and efficiency of prosecutorial cases. From January to November 2023, procuratorial organs nationwide prosecuted 319 people for 117 securities crimes, a year-on-year increase of 42.7% and 12.7%. The Supreme People's Procuratorate supervised the handling of 8 major criminal cases involving private equity funds, and jointly supervised the handling of 12 major financial fraud criminal cases with the Ministry of Public Security, forming an efficient joint force. Handled a number of cases with major social impact such as Zhangzidao, Kangdexin, Longli Biotech, and Huitian New Materials. Among them, in the Zhangzidao financial fraud case, the former chairman Wu Hougang was sentenced to fifteen years in prison, and the former general manager and The deputy general manager, financial director, and board secretary were all held criminally responsible, creating a powerful deterrent.
The second is to make great efforts to recover the stolen goods and recover losses, and protect the rights and interests of investors in accordance with the law. Investor protection is the top priority in handling securities cases. The procuratorial organs have always implemented the recovery of stolen goods and damages throughout the entire case handling process, adhered to the principle of "pursuing all the crimes", strengthened cooperation with relevant departments such as the China Securities Regulatory Commission, public security, and courts, and done a good job in supervising the seizure, seizure, and freezing of property involved; urging and guiding those involved in the case to voluntarily withdraw from the case. Return stolen goods and compensate; support litigation by special representatives in securities disputes in accordance with the law, and protect the rights and interests of investors through multiple channels.
The third is to unify law enforcement and judicial standards and continuously consolidate the legal foundation for the healthy development of the capital market. The Supreme People's Procuratorate, the Supreme People's Procuratorate, the Ministry of Public Security, and the China Securities Regulatory Commission jointly revised the "Opinions on Several Issues Concerning the Handling of Securities and Futures Illegal and Criminal Cases", jointly released the typical cases of private equity fund crimes, revised the judicial interpretation of insider trading, and compiled and issued guiding cases on securities crimes. , and lay a solid foundation for the rule of law for "zero tolerance" accountability.