Shanghai: Investors have accused three senior executives of Sainty Marine of insider trading. The three executives – general manager Li Jiu, vice general manager Weng Jun and board secretary Feng Qi – together sold 3.2m shares of the yard through a block trading platform knowing full well the company had just won, though not announced, an RMB1.65bn bridge construction deal last September.
In order to deal with the depressed shipbuilding market, Sainty Marine has been looking for opportunities from non-ship orientated businesses. It beat out two established bridge builders to win the contract last autumn, officially announcing the deal on October 26.
A spokesperson for Sainty Marine denied the executives performed any trading violations. [21/02/13]
