hanlong executive did not return from china, page-45

A bit more info on the insider trading case from today's Australian....


In an affidavit filed with the court yesterday, ASIC revealed that through its investigations it had uncovered that Ms Hu had made around 20 phone calls during March 28 and July 15 to staff at IG Markets regarding the movement of funds into her trading account and attempting to place orders on her husband's account.

The affidavit also showed that Ms Hu transferred around $727,045 on July 19 from one of her accounts to five bank accounts in China, which were held in the name of Mr Xiao's younger sister.

Ms Hu also transferred $400,000 on July 26 to three accounts held by Mr Xiao's sister and made four separate transactions to one bank account held by Mr Xiao. Ms Hu had been restricted from leaving Australia because of her husband's failure to return and ASIC yesterday sought to extend her travel ban until March.

Judge Reg Barrett extended it until next Friday to allow the case to return to court next week to determine if the travel restrictions should be extended until March.

No one has yet been charged in the case and the former Hanlong employees have stood down from the company pending the outcome of the investigation.