(Yicai Global) Feb. 7 -- China Securities Regulatory Commission (CSRC), the country's top securities regulator, announced yesterday its imposition of a life ban on Wang Tao, chairman of Chengdu Huaze Cobalt and Nickel Material Co., from the securities market, and 10-year and five-year bans for the company's Vice Chairman Wang Yinghu and Chief Financial Officer Guo Lihong, respectively.

Chengdu-based cobalt and nickel material processor and its chairman, vice chairman and CFO had committed multiple violations, CSRC found after investigation, and ruled the company failed to disclose its funds related parties held for non-operating purposes and their transactions in 2013, 2014 and the first half of 2015; it had fraudulently included false records in its annual reports of 2013 and 2014 and interim report of 2015; and it did not disclose in its 2015 annual report thatWang Tao, its chairman, privately provided CNY35 million loan guarantees to an industry investment fund.

Wang, as one of the actual controllers of Huaze Cobalt and Nickel and its chairman, was directly responsible, CSRC noted. Wang and others argued at hearingthat they did not intentionally commit the violations and the fault was mild, but CSRC rejected these entreaties.

The life ban from the securities market means that, from the announcement of the decision, Wang cannot ply the securities business for life or serve as a listed company director, supervisor or senior manager.