Former official of China's state-owned assets regulator indicted for graft, insider trading

Luo Yulin, a former deputy minister-level official of the State-owned Assets Supervision and Administration Commission of the State Council, has been indicted on charges of taking bribes and insider trading, according to the Supreme People's Procuratorate (SPP).

Following the investigations by the National Commission of Supervision and the Qingdao municipal public security bureau in east China's Shandong Province, the people's procuratorate of Qingdao filed Luo's case with the city's intermediate people's court, the SPP said in a statement on Tuesday.

Prosecutors accused Luo of taking advantage of his various posts and abusing his power to seek gains for relevant units and individuals, while illegally accepting large amounts of money and valuables in return.

As an insider with knowledge of confidential information, Luo offered information to others to engage in relevant trading activities, according to the statement.

Prosecutors had informed the defendant of his litigation rights, interrogated him, and listened to the defense counsel's arguments, the statement noted.