Steven Xiao Faces Sydney Court

To my surprise, at least the HK government is exercising independence.

http://www.dailymail.co.uk/wires/re...t-Australia-face-insider-trading-charges.html

Ex-Hanlong head sent to Australia to face insider trading chargesBy Reuters Published: 08:02 AEST, 10 October 2014 | Updated: 08:02 AEST, 10 October 2014 Read more:

MELBOURNE, Oct 10 (Reuters) - The former head of China's Hanlong Mining Investment Pty Ltd was extradited to Australia from Hong Kong and arrived on Friday to face insider trading charges, Australia's securities watchdog said.

Hui Xiao, also known as Steven Xiao, is facing allegations of trading on inside information linked to Hanlong's 2011 takeover bids for Australia's Sundance Resources Ltd and Bannerman Resources Ltd.

"He is expected to appear before Sydney's Central Local Court later today where he is expected to be charged with more than 100 counts of insider trading," a spokesman for the Australian Securities and Investments Commission said in an emailed statement.

Xiao had been permitted to leave Australia during the Hanlong investigation for a short visit back to China in November 2011 but did not return. Xiao was arrested in Hong Kong in January, and then tried to seek asylum there.

Hanlong is the biggest shareholder in Africa-focused iron ore developer Sundance and tried to take it over, but called off a proposed A$1.4 billion ($1.23 billion) offer in April 2013 after missing funding deadlines.

Uranium explorer Bannerman ended talks on a A$143 million offer from Hanlong in late 2011 due to similar funding issues.

Another former Hanlong executive, Bo Shi Zhu, also known as Calvin Zhu, was sentenced in 2013 to jail in Australia for two years and three months, having pleaded guilty to three counts of insider trading between 2006 and 2011.


Read more: http://www.dailymail.co.uk/wires/reuters/article-2787242/Ex-Hanlong-head-sent-Australia-face-insider-trading-charges.html#ixzz3FgiScVzT
Follow us: @MailOnline on Twitter | DailyMail on Facebook​