Du Jun pleaded not guilty May 3 to insider trading of shares in Citic Resources Holdings Ltd. in 2007 in Hong Kong, where regulators are cracking down on the offense.
Du, who faces as many as seven years in prison, told Judge Andrew Chan at Hong Kong’s district court through a Chinese translator that he was innocent of nine counts of insider dealing and one count of counseling his wife to deal in Citic shares before it announced a plan to buy oil field assets.
Hong Kong’s Securities and Futures Commission this year secured the Chinese city’s first jail sentences for the offence, with former BNP Paribas Peregrine Capital Ltd. banker Ma Hon- yeung sentenced to 26 months in April. That was followed with the imprisonment of an accountant. The offense was only punishable with fines until 2003.
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