Confessions Made by Four Executives at Citic, Xinhua Says
- Chinese state media report on probes in securities industry
- Caijing journalist also reported to have made confession
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Four executives of Citic Securities Co., the nation’s largest brokerage, a journalist at business magazine Caijing and a staff member at the securities regulator all confessed to alleged crimes, the state-run Xinhua News Agency said.
The Citic officials, including managing director Xu Gang, admitted insider trading, the news service said. A Citic press officer declined to comment.
The brokerage’s shares fell in Hong Kong to the lowest since May 2014, sinking 4.5 percent as of 10:03 a.m. local time.