Former senior Hainan official indicted for graft, insider trading

Tong Daochi, a former senior official of south China's Hainan Province, has been indicted on charges of taking bribes and insider trading, the Supreme People's Procuratorate said Thursday.

Tong was formerly a standing committee member of the Hainan Provincial Committee of the Communist Party of China and former Party chief of Sanya. He had also held posts at the China Securities Regulatory Commission.

Tong's case has been filed by the People's Procuratorate of Shenzhen, Guangdong Province, to the Shenzhen Intermediate People's Court.

Prosecutors accused Tong of taking advantage of his various posts at the CSRC and in Hainan to offer assistance to others regarding loans, promotions, the listing of companies and the operation of enterprises, accepting huge sums of money and gifts in return.

Moreover, he was accused of involvement in insider trading while serving at the CSRC, with the allegations especially serious.

The SPP said the prosecutors had informed the defendant of his litigation rights, interrogated him and listened to the defense counsel's opinions.