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China court fines Fanya metals exchange operator, jails founder - Xinhua

BEIJING, March 22 (Reuters) - A court in southwest China has fined the company behind the now-defunct Fanya Nonferrous Metals Exchange 1 billion yuan ($149.04 million) for illegal fundraising and causing investors losses, the official Xinhua news agency reported on Friday.

The Kunming Intermediate People’s Court also sentenced Shan Jiuliang, who founded the minor metals exchange in 2010 and was head of the bourse before it collapsed in 2015, to 18 years in prison for crimes including embezzlement, Xinhua said.

$1 = 6.7098 Chinese yuan Reporting by Tom Daly; Editing by Gopakumar Warrier

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