Chen Shulong, former vice governor of Anhui Province, stood trial Friday for bribery, power abuse, insider trading and disclosing inside information, at a court in Fujian Province.
Chen was accused of using his positions to seek benefits for others in business operations, obtaining projects and bank loans, investments and personnel promotions, and in return accepting money and property worth over 275.8 million yuan (40.6 million U.S. dollars) personally or through his family members between 1994 and 2016.
When he served as party chief of Wuhu City in Anhui between 2009 and 2011, Chen illegally granted subsidies for equipment or land-transferring fees to certain enterprises, resulting in economic losses totaling 2.9 billion yuan, said the prosecutors in the city of Xiamen.
Chen was also accused of illegally buying and selling shares as an insider and gaining nearly 137.5 million yuan between 2009 and 2015. Meanwhile, he disclosed inside information to others and helped them obtain over 30 million yuan during the same period.
The prosecutors, defendant and his lawyers cross-examined evidence and gave full testimonies. Chen confessed and expressed remorse in court.
Legislators, political advisors, journalists and members of the public attended the trial. The verdict will be announced at a later date.