"I have never doubted whether the court will accept my suit or not because the facts are mostly known to the general public. I believe I will get a just result," said Yang.
Regulator sets final penalties for trading error by Everbright |
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In an earlier interview with China Daily, Yang admitted the existence of the bugs but said it was wrong for the commission to classify Everbright Securities' case as insider trading. "This case and the business of the strategic investment department are all beyond the knowledge of the general public as well as the commission ," he said.
"According to the present Securities Law of the People's Republic of China and Administrative Regulations on Futures Trading, there is neither regulation nor rule equating the above two or an explicit definition of insider trading," he said.
The latest amendments to the Securities Law were made in 2005. The Everbright Securities case will help develop the maturity of the law. It will also prompt the commission to enforce its duties more carefully, said the lawyer.
The commission fined Everbright Securities a record 523 million yuan for the alleged infringement. The securities company's former president Xu Haoming, assistant executive Yang Chizhong and secretary of the board of directors Mei Jian resigned shortly after the case. Xu and Yang, together with Shen Shiguang, general manager of the accounting department, and Yang Jianbo were fined by the commission and banned from any work involving the stock exchange.
The net profit of Everbright Securities was 212 million yuan in 2013, down 78.79 percent year-on-year, with earnings per share dropping to 0.0622 yuan.
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