Xu Baoyi, former deputy general manager of China Grain Reserves Group (Sinograin), stood trial for bribery, dereliction of duty by personnel of state-owned enterprises, and insider trading. This was reported by The Xinhua News Agency.
The case was heard by the Intermediate People's Court of Datong in north China's Shanxi Province.
Xu was accused of taking advantage of his various positions between 2006 and 2021 to seek benefits for others in matters such as project contracting, enterprise operations, payment of project funds, and job arrangements. In return, he accepted money and valuables worth ¥13.8 mln (about $2 mln), according to prosecutors.
He was also accused of being irresponsible as chairman of a petroleum-related state-owned enterprise and causing massive losses to state interests.
The indictment also charged him with illegally obtaining stock exchange transaction information before its publication and instructing others to conduct related transactions.
During the trial, prosecutors presented their evidence. The defendant and his defense counsel cross-examined the evidence.
In his final statement, Xu pleaded guilty and expressed remorse.
Xu's sentence will be announced at a later date.
China Grain Reserves Group Ltd. Company (Sinograin Group) was established in 2000 upon the approval of the central government. The company is entrusted by the State Council to be responsible for the management and operation of central reserve stocks of grain, oil and cotton. With the instruction of the State Council, Sinograin Group also implements state macro-regulation policy of purchasing, storing and transporting grain, oil and cotton. The company is responsible for its own profits and losses. Since its establishment, the company has built itself the largest agricultural product reserves group and a significant force in safeguarding national food security and serving the grain market development. The company’s business includes the procurement, sales, storage, transportation, processing, scientific research, import & export. Sinograin Group now has 23 branch companies, 8 subsidiaries, and hundreds of storage facilities, covering 31 provinces (autonomous regions and municipalities). The company has 42,000 employees, more than 90 million tons of effective storage around the country.
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