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Microcap & Penny Stocks : The Hartcourt Companies, Inc. (HRCT)
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To: Investorman who wrote (2184)6/11/2002 4:39:48 PM
From: StockDung   of 2413
 
China starts huge stock manipulation trial

BEIJING, June 11 (Reuters) - The trial of seven people charged with running China's biggest stock rigging scandal, involving a chicken breeding firm turned biotech concern, began on Tuesday, state television said.

The case, which helped trigger a crackdown on financial corruption, focuses on China Venture Capital, whose executives are accused of using stock trading accounts worth 5.4 billion yuan ($650 million) to manipulate the company's share price.

The alleged manipulation by suspected mastermind Lu Liang and his cronies fuelled a 370 percent rise in the company's stock price in one year.

Lu vanished last year after laying bare the details of the scam in an interview with an influential financial magazine.

The trial was expected to last several days, state television reported.

Lu's cohorts are accused of raising billions of yuan through scores of deals with other companies and individuals before regulators caught on in late 2000.

Now called Shenzhen Kondarl Co Ltd, the firm's stock had risen 0.12 yuan to 5.73 yuan by early afternoon trading on Tuesday.

The shares have tumbled from a year high of 17.86 yuan and the stock has been placed under "special treatment" trading curbs that could lead to a delisting if the company's performance does not improve.

(US$ - 8.277 Yuan)


06/11/02 03:04 ET
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