The case of Zhang Zhenyuan ｜ The defense refers to the former financial controller as the commutation of the sentence to prove Zhang Zhang's answer: it is not

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Written by: Zhu Xinxin

2020-04-20 18:54

Zhang Zhenyuan, a former member of the Executive Council, was involved in conspiracy to defraud the Securities Regulatory Commission when he was the financial controller of Cai Daying during his tenure as the chairman of the Stock Exchange. Zhang earlier denied that he was charged. However, the court was suspended due to the New Coronary Pneumonia epidemic. The case could not be continued after the end of January this year. It was only today (20th) that the trial was renewed in the District Court. Cai Daying, who had pleaded guilty, was questioned by the defense. The defense questioned that Cai had not disclosed his testimony, and he only changed his mind until the day he pleaded guilty. He questioned whether he wanted to please the judge and helped to sentence, Cai denied.

Cai Daying, the former chief financial officer of the Stock Exchange, said that he did not discuss with Zhang Zhenyuan to speak to the CSRC, even if he did, he only listened to Zhang Sheng's instructions. (Photo by Zhu Fang)

Cai emphasized that he just told the truth

The defense stated that according to Cai Daying's earlier testimony, he used several techniques to provide information to the SFC at the time of the case. The defense alleges that Cai mentioned that Zhang Zhenda was also involved and that Zhang was implicated. Cai agreed, but emphasized that he only told the truth.

The defense pointed out that Cai had not disclosed his intention to give evidence to prove Zhang Zhenyuan before pleading guilty to the District Court on November 6, 2018. Until the day Cai pleaded guilty, he and his lawyer, after adjournment, discussed with the judge at that time that he would give evidence in Zhang's case.

The defense stated that Cai realized that his decision pleased the judge and would facilitate sentencing. Cai responded by saying, "Well, it is not." He explained that his lawyer mentioned to him that he could cooperate with the prosecution and would receive more deductions for sentencing.

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Did not discuss with Zhang and lie to the SFC

Cai also pointed out that there was no discussion with Zhang Zhenyuan to "speak" to the CSRC, but added: "Even if it is a department, it is Zhang Sheng's instructions."

Zhang Zhenyuan (62 years old) was charged with one count of conspiracy to defraud and one count of fraud. The conspiracy to defraud alleged that Zhang and Cai Daying conspiracy to conceal or not disclose to the Stock Exchange from the Securities and Exchange Commission from May 2012 to May 2013 Important information about the financial situation has led the CSRC to not withdraw the automated trading service license issued to the Stock Exchange.

Another charge was that Zhang had tricked Jia Fidelity from lending 30 million yuan from April 12 to 17, 2013.

Case number: DCCC 718/2017

Zhang Zhenyuan Fraud SFC Court