China tells prosecutors to get tough on ‘financial crocodiles’ ... and make it snappy
Those who threaten country’s financial stability must be rooted out, Supreme People’s Procuratorate says
Chinese prosecutors have been told to show no mercy to the “financial crocodiles” who threaten economic stability, in the latest sign that Beijing is prepared to use all of its judicial and executive apparatus to stamp out corruption.
The Supreme People’s Procuratorate on Wednesday issued a strongly worded directive ordering prosecutors across the country to get tough on “those financial crocodiles that make waves [in the markets]” and the “moles” who engage in insider trading and money-for-power deals.
In particular, prosecutors should step up their investigations into allegations of fraud in securities and futures trading and issuance, and clamp down on irregular information disclosures, misinformation and insider leaks, according to a summary of the notice released by the agency.
The aim of the directive is to curtail the “spread of corruption” in China’s financial industry, it said, adding that it will also “strike hard” against Ponzi schemes.