A precocious 13 year old in Nanchong, Sichuan province is getting into the stock market, investing in an agricultural cooperative. Only problem is she's the daughter of a local official and has no idea what she's doing (like people who bought Facebook stock!).
A Nanchong official, surnamed Feng, arranged for his daughter to fund the Zhonghong Agricultural Cooperative with the 60,000 yuan ($9,800) she happened to have in her piggy-bank (or Bitcoin account, I don't know what stupid things kids do these days).
The contract, signed on May 11, 2012, by Feng on behalf of his daughter, a student in the local high school, states that Feng is responsible for the coordination between different parties and getting money for business activities.
The contract said that after expenditures had been covered, Feng's daughter would receive a third of the venture's profit.
Shockingly, local residents and internet commenters are accusing Feng of seeking to cover-up his own role in a profit-making scheme by making the investment in his daughter's name. The Law on Public Servants stipulates that offiicals should not engage in profit-making activities nor hold a post in an enterprise or other profit-making organisation.
Additionally, Feng's daughter is too yonug to sign a legally binding contract. So there's that.
[Image via Flickr]
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