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San José, Costa Rica, Tuesday, Sept. 1, 2015, Vol. 16, No. 172
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bridge
Consejo Nacional de Vialidad  photo     
   Flood waters wiped out the bridge over the Quebrada Eloísa in
   Pacayitas de Turrialba last June, and farmers had to travel an
   additional 60 kilometers to market their products.  Now there is
   a new bailey bridge that can accommodate truck traffic.


Roundup in China continues over stocks

By the A.M. Costa Rica wire services

Chinese state media announced a new round of confessions by people alleged to have spread online rumors of stock market irregularities Monday, following the arrest of nearly 200 people Saturday and Sunday.

Xinhua news reported the latest half-dozen people who face charges are: a journalist, an official with China’s securities regulator and four senior executives of local securities firms, all of whom have been placed under criminal compulsory measures.

That means they could remain detained indefinitely, be charged with a crime, or be placed under surveillance at home.

Before any convictions are reached, the massive crackdown has already demonstrated the government’s determination to keep the stock markets under control and restore confidence in the government’s bailout measures, said Oliver Rui, professor of finance and accounting at China Europe International Business School.

“The government clearly wants to send a very strong signal to the markets that, if anyone wants to be the enemy of the government, they will be punished eventually,” Rui said.

The authorities appear to have obtained hard evidence alleging the involvement of four securities executives, Xu Gang, Liu Wei, Fang Qingli and Chen Rongjie of Citic Securities, in insider-trading, as well as bribe-taking and forging official seals by the regulatory official, the professor said.

According to a statement released by the ministry of public security, the journalist, Wang Xiaolu, a reporter of Caijing Magazine, confessed that he had colluded with others and fabricated fake information in a report published July 20 about the Chinese securities regulatory commission’s  plan to withdraw government funds out of the stock markets.

The commission denied the report the next day, but it was convinced Wang’s report had triggered investor panic, which led to the stock markets’ 23 percent decline that week.

In the ministry statement, Wang is reported to have said he wrote the story based on hearsay and his own speculations without having had or verified the facts.

In another confession reported by the ministry, securities commission official Liu Shufan also admitted wrongdoings, apparently saying he had taken advantage of his position to pull strings for publicly traded companies and accepted bribes worth millions of Chinese yuan.


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