 Xinhua News Agency owned a stake in Xinhua Finance (4.25% in September 2005) However, the state-owned news agency had sold all the stake before 2007.The agency even made a press release in 2007 to declare they have no relation to Xinhua Finance.In 2013 Loretta Fredy Bush, Shelly S. Singhal and Dennis L. Pelino, former employee of Xinhua Finance, were sentenced by the court of the United States.