Economy

Enterprise fined 1M yuan for market manipulation

By Yan Weijue (chinadaily.com.cn)
Updated: 2010-07-02 10:22

Jilin Corn Center Exchange (JCCE) Ltd. was fined 1 million yuan ($147,000) for colluding with other distributing enterprises to force up mung bean prices last October, Guangzhou Daily reported Friday.

The National Development and Reform Commission (NDRC), the Ministry of Civil Affairs (MCA) and the State Administration for Industry and Commerce (SAIC) announced the punishment on July 1.

Another three enterprises involved in the conspiracy were fined, too, ranging from 300,000 yuan to 500,000 yuan, and 109 people received warnings for aiding and abetting.

On October 17, 2009, JCCE, along with some other enterprises, summoned 109 wholesalers from 16 provinces and districts in Taonan, Jinlin for a so-called "First Seminar on Mung Bean Market in China", where it gave a false report on the nation's production output in 2009 and conspired with other wholesalers to force up the price.