Fanya Metal Exchange to pay a fine of RMB1 billion

On 22 March, Kunming Intermediate People's Court made a ruling on Fanya Metal Exchange and three other defendant companies as well as 21 defendants.Asian Metal Copyright According to Kunming Intermediate People's Court, Fanya Metal Exchange and three other defendant companies as well as 21 defendants violated related national regulations on financial management and constituted a crime.Asian Metal Copyright In particular, Fanya Metal Exchange was required to pay a fine of RMB1 billion (USD149 million); Shan Jiuliang was sentenced to 18 years in prison for illegal financing activities; Guo Feng, Wang Biao and Yang Guohong were investigated for criminal responsibility.

From November 2011 to August 2015, Shan Jiuliang, Chairman and General Manager (President) of Fanya Metal Exchange, reached a consensus with Guo Feng and Wang Biao, two officials of the company, and decided to attract huge public deposits, which violated related national regulations on financial management and brought significant losses to depositors. The other three defendant companies did a favor to Fanya Metal Exchange in such illegal financing activities.Asian Metal Copyright The above sentences were made on the basis of fact.Asian Metal Copyright In addition, Shan Jiuliang and Yang Guohong were accused of illegally possessing public properties.

Public security authorities are still looking for properties involved in this case.

According to Kunming Intermediate People's Court, Fanya Metal Exchange and three other defendant companies as well as 21 defendants violated related national regulations on financial management and constituted a crime. The above sentences were made on the basis of fact.

.Asian Metal Copyright The above sentences were made on the basis of factAsian Metal Copyright