The general manager of Jiangsu-based Yishidun, Gao Yan, and senior executive Liang Ze, were arrested for allegedly buying and selling futures in prices that deviated from market standards and illegally made more than 2 billion yuan (£205 million), said the news agency. Jin Wenxian, a technical supervisor at Chinese Shenzhen-located firm China Fortune Futures, was also arrested for allegedly helping Yishidun cover up trade details, using software without detection by authorities and transferring funds, Xinhua said.
Yishidun, a company jointly invested by two Hong Kong-based firms set up by foreign nationals Georgy Zarya and Anton Murashov, was founded in 2012.
The firm allegedly used software to buy up to 31 futures contracts in one second, said Xinhua, adding from early June to early July it made a net profit of over 500 million yuan. «The company's trade activities deteriorated the fluctuations in daily trade prices… And affected then market trade prices and normal trade orders,» said the statement, according to Xinhua.