A two-day public trial took place at Kunming Intermediate People's Court, Yunnan province, on June 30 to July 1, accusing four companies and 21 defendants of violating national law and illegally raising funds from the public, Chinese state news agency Xinhua reported earlier this month.
Shan Jiuliang, board chairman and president of Fanya, and exchange vice president Yang Guohong were among the defendants charged with embezzlement.
A verdict is yet to be made by the court, according to Xinhua.
The Kunming-based bourse was initially a boon to China’s domestic market, providing another outlet for producers to sell their material, and giving a group of new investors the opportunity to step into often-complicated financial markets.
But cracks began to show at the end of 2014, with some investors becoming wary as metal stocks continued to pile up thanks to new production arriving to feed demand for...
