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Chinese journalist 'confesses' to disrupt stock market

A financial journalist has "confessed" to causing "panic and disorder" on China's stock market and inflicting "huge losses on the country", Xinhua reported on Sunday.

Wang Xiaolu, journalist of Caijing Magazine, has been placed under "criminal compulsory measures" for suspected violations of colluding with others and fabricating and spreading fake information on securities and futures market during China's recent stock market crash.

Wang confessed that he wrote fake report on Chinese stock market based on hearsay and his own subjective guesses without conducting due verifications.

He admitted that the false information have "caused panics and disorder at stock market, seriously undermined the market confidence, and inflicted huge losses on the country and investors."

Wang wrote a story in July saying the securities regulator was studying plans for government funds to exit the market.

The China Securities Regulatory Commission (CSRC) quickly denied the Caijing story, labelling it "irresponsible".

But Caijing said it "defended journalists' rights to do their duty under the law", according to a statement posted on its website.

Also placed under investigation were Liu Shufan, an official with China Securities Regulatory Commission. He is held over suspicions of insider dealings, taking bribes and forging official seals.

According to Liu's confession during the investigation, he has taken advantage of his position to secure an approval from the securities authorities for a public company and help the growth of the company's shares.

In return, the head of the company offered bribes worth several million yuan to him.

Also, Liu has used insider information from the above-mentioned company and another company and obtained millions of yuan of illegal gains, according to his confession.

Liu confessed that he has forged official seals to fake a court ruling on divorce and taxation certificates for his mistress.

Chinese authorities have punished 197 people for spreading rumours online about the recent stock market crash and fatal explosions in Tianjin, according to Xinhua.

Chinese shares fell by nearly 8% after a week of volatile trading that spread fear to global markets.

The Tianjin explosions killed 150 people - with 23 still missing.


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