Former executive of Sinograin indicted

BEIJING -- Xu Baoyi, former deputy general manager of China Grain Reserves Group (Sinograin), has been indicted on charges of bribery, dereliction of duty by personnel of State-owned enterprises, and insider trading, said the procuratorate authorities.

Xu's case has been filed with the Datong Intermediate People's Court in North China's Shanxi province.

Prosecutors have accused Xu of taking advantage of his various positions to seek benefits for others and accepting a huge amount of money and valuables in return.

He was also accused of being irresponsible as an employee of a State-owned enterprise and causing massive losses to state interests.

The indictment also charged him with illegally obtaining stock exchange transaction information before its publication and instructing others to conduct related transactions.