A former UBS banker in China has been sentenced to nine years in jail by a Shanghai court, on the grounds of disclosing inside information regarding an acquisition deal in 2017.
As Reuters reports, documents show that the UBS banker shared information with two associates about a Chinese shipping firm’s acquisition of a Hong Kong company. Though it did not name the companies, Chinese media and the Wall Street Journal noted that it was Cosco Shipping’s $6.3 billion acquisition of Orient Overseas Container Line. In this deal, UBS was an adviser.
Specifically, the banker was, allegedly, paid 5 million yuan for the leak of information by his associates. Together they made total profits of over 120 million yuan ($17 million), according to the court statement.
From his side, the banker has denied any wrongdoing and wants to appeal against the verdict.
