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WALL STREET JOURNAL (ASIA EDITION)

http://online.wsj.com/article/SB10001424053111904265504576567262021370244.html

Australian Securities Regulator Restricts Hanlong Mining Execs

By DAVID FICKLING

SYDNEY?Australia's securities regulator has frozen assets and restricted travel of senior staff of China's Hanlong Mining as part of an insider trading investigation into the company's investments in Sundance Resources Ltd. and Bannerman Resources Ltd., the regulator said Tuesday.

The Australian Securities & Investments Commission said the Supreme Court in the state of New South Wales had made interim orders preventing Hanlong Managing Director Steven Hui Xiao from leaving Australia before Sep. 22, except for a visit to Hong Kong this Tuesday and Wednesday.

ASIC has also frozen the assets and restrained travel by Mr. Xiao and Hanlong staff Calvin Zhu and Fan Zhang. Freezing orders were also made against Xioa's wife Xike Hu, FanFan Chen and Wingatta Pty. Ltd., which the regulator describes as an entity associated with Zhang.

The regulator said its investigation is at an early stage. Hanlong, a division of Sichuan Hanlong, is also the majority shareholder in molybdenum miner Moly Mines Ltd.

Hanlong spokesman Mr. Zhu said he was unable to comment on the investigation.

Write to David Fickling at [email protected]




REUTERS AFRICA

http://af.reuters.com/article/metalsNews/idAFL3E7KC48T20110912


Australia court restricts Hanlong Mining executive's travel
Mon Sep 12, 2011 11:30pm GMT Print | Single Page [-] Text [+]
MELBOURNE Sep 13 (Reuters) - An Australian court has restricted the travel of the head of private Chinese firm Hanlong Mining as the Australian Securities and Investment Commission is investigating him for suspected insider trading in two companies, the watchdog said on Tuesday.

The ASIC said it is probing suspected insider trading in Bannerman Resources and Sundance Resources , both of which have received takeover proposals from Hanlong.

The commission obtained orders blocking Hanlong Mining Managing Director Steven Hui Xiao from leaving Australia until Sept 22 and froze his assets.

But he will be allowed to visit Hong Kong for two days before that to meet visa requirements.

The commission has also won orders to freeze the assets and restrict the travel of Hanlong vice president Calvin Zhu and another employee, Fan Zhang, and freeze the assets of two others.

Hanlong, a subsidiary of Sichuan Hanlong Group, owns an 18.6 percent stake in iron ore explorer Sundance Resources and has made a takeover offer for the company valuing it at A$1.44 billion ($1.5 billion).

Hanlong has also made a A$144 million offer for Bannerman Resources . ($1 = 0.968 Australian Dollars) (Reporting by Sonali Paul)