From Shanghai Daily:

The trial of a key figure in Shanghai’s pension scandal started in northeastern China’s Jilin Province yesterday morning.

Zhang Rongkun, 39, appeared in the Intermediate Court of Songyuan City, Jilin, at 8:40am charged with bribing high-ranking officials to illegally obtain more than three billion yuan (US$405 million) in loans from the pension fund, the Beijing-based Caijing Magazine reported.

Zhang and his two investment companies face two bribery charges and charges of share price manipulation, fraudulently issuing debentures and falsifying registered capital, the report said. [Full Text]