Wang Xiaoshi, an official with China Securities Regulatory Commission (CSRC), was sentenced to 13 years in prison for taking bribes.

His personal properties of 120,000 yuan (about 15,000 US dollars) will be confiscated, according to the verdict passed by Beijing Municipal No. 1 Intermediate People's Court on Friday.

Wang, aged 44, accepted 726,000 yuan (some 90,750 US dollars) in bribes from Fujian Fengzhu Textile Technology Company Limited in 2002 to seek illegal interests for the company in its initial public offering (IPO), according to the court.

Another defendant, Lin Bi, an employee with Northeast Securities Company Limited, was given a ten-year jail term for introducing the bribers to Wang.

Lin took 674,000 yuan (83,209 US dollars) of bribes from Fujian Fengzhu Textile Technology Company Limited when the securities company was dealing the IPO shares of Fujian Fengzhu Textile Technology Company Limited, according to the court verdict.

The court also found that Lin asked for 318,000 yuan (39,750 US dollars) of bribes from Yasheng Industry (Group) Company Limited in Gansu Province when Lin's securities company was dealing with Yasheng's bonds in 2001.

Lin's personal property of 100,000 yuan (12,500 US dollars) would be confiscated, according to the court verdict.

Source: Xinhua