Former official pleads guilty to accepting bribes, insider trading

Luo Yulin, a former senior official at the State Council's State-owned Assets Supervision and Administration Commission, pleaded guilty to accepting bribes and insider trading while standing at trial in Qingdao, Shandong province, on Friday.

According to an indictment provided by the Qingdao prosecutors, Luo, from 1997 to 2023, took advantage of his various high-ranking positions, including the vice-governor of Qinghai province and the deputy-ministerial-level official in the State-owned Assets Supervision and Administration Commission, to seek benefits for relevant departments and individuals in matters such as business operation, project contracting and job promotion, and in return he accepted bribes worth more than 220 million yuan ($30.8 million).

From 2013 to 2014, Luo, as an insider with knowledge of non-public information that could significantly affect securities trading prices, instructed others to engage in related transactions, with particularly severe consequences, the indictment said.

The prosecutors submitted evidence related to the bribery and insider trading to the Qingdao Intermediate People's Court, saying that Luo should be held criminally responsible for the crimes.

During the trial, Luo and his lawyer also shared their opinions on the evidence, and Luo admitted his guilt and expressed remorse in his final statement.

The verdict will be pronounced at a later date, the court said.