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Crony Capitalism Comes To China - Ex Central Bank Chief's Son-In-Law In Insider-Trading Scandal

• zerohedge.com

As EJ Insight reports, the son-in-law of former PBOC governor and former Tianjin mayor Dai Xianglong bought millions of dollars of shares (via offshore entities) ahead of Beijing's decision to allow mainland residents buy Hong Kong stocks directly.

The son-in-law of former Tianjin mayor Dai Xianglong spent millions of Hong Kong dollars buying shares in the special administrative region one year before Beijing announced in August, 2007 plans to pilot its "through train" scheme to let mainland residents buy Hong Kong stocks directly.

 According to an investigation by Ming Pao Daily and the International Consortium of Investigative Journalists, Che Fung bought nearly HK$100 million worth of Hi Sun Technology (00818.HK) shares at HK$1.46 apiece in March 2006 through his wholly owned BVI vehicle Ever Union. A month later, Hi Sun announced a one-to-four share subdivision.

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