Fanya Metal Exchange to pay a fine of RMB1 billion
2019-03-22 17:39:15 [Print]
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. 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. 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.
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. 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.
Indium Ingot 99.995%min FOB China
Unit:USD/kg
China indium ingot producers' output statistics by province by month
Unit: mt
