Criminal charges or disciplinary action has been taken against 39 officials in the oil city of Daqing for rigging the A-share listing of a petrochemical firm, bribery, and insider dealing, according to reports.
A total of 61 senior city officials were involved in the case, Xinhua news agency said yesterday.
So far, 39 are facing disciplinary action and of these 10 have been charged.
Managers of Daqing Lianyi Petrochemical, which produces and markets oil and petrochemicals products, are accused of deception, faking figures, and bribing city officials to obtain a listing in Shanghai in May 1997.
The 10 officials who have been sacked and face criminal charges include the city's deputy party secretary, former chairman of the local parliament and deputy director of the taxation bureau, Xinhua said.
The scandal is 'a typical case of law and rule violations in the economic activities', Xinhua said.
Xue Yonglin, company chairman and also local parliament deputy chairman, had allegedly consorted with other company managers to bribe city officials with nearly one million company shares, worth 10.94 million yuan (about HK$10.27 million), according to a joint investigation by eight government departments.
