China Sentences Ex-City Party Chief to Death With Reprieve
- Tong Daochi was also an official at the securities regulator
- China is cracking down on corruption in the financial industry
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China has sentenced a former Communist Party city chief and securities regulator to death with a two-year reprieve for bribery and insider trading, state broadcaster CCTV reported.
Tong Daochi, who was named party chief for Sanya a few years after leaving the China Securities Regulatory Commission, was found to have taken more than 270 million yuan ($40 million) of bribes during his tenure in the southern city and at the regulator, when he offered individuals and companies assistance in stock listings, financing and other matters, according to the report.