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Executives barred from leaving Australia
By Lydia Chen |
September 14, 2011, Wednesday
|
Print Edition
Print Edition
AUSTRALIAN authorities have barred a number of executives of Chinese company Hanlong Mining from leaving the country during an investigation into suspected insider trading involving the shares of two of Hanlong's takeover targets.
The New South Wales Supreme Court has ordered Hanlong managing director Steven Hui Xiao to remain in Australia until September 22, with the exception of a trip to Hong Kong from September 13 to 14 to attend to visa requirements, according to the Australian Securities & Investments Commission.
His Australian assets have also been frozen.
The court said the commission had shown cause for investigating whether Xiao, a Chinese national, has contravened the Corporations Act's insider trading provisions by dealing in the shares of Sundance Resources and Bannerman Resources, two Perth-based firms now in talks with Hanlong over takeover plans involving more than US$1.5 billion.
Travel bans also restrain Calvin Zhu, a Hanlong vice president, and Fan Zhang, a Hanlong employee. The court also froze the pair's assets.
Zhu and Zhang are Australian citizens.
Freezing orders were also obtained against Xiao's wife, two other women and Wingatta, an company associated with Zhang, the statement said.
Hanlong, a wholly-owned subsidiary of Sichuan Hanlong, bought 18.6 percent of Sundance in March and offered A$0.50 (US$0.53) per share for the company in July.
Sundance said it "continues to progress advanced talks with Hanlong." Shares in Sundance fell 10.11 percent to close at A$0.40 yesterday on the Australian Securities Exchange. The company said it continues to engage in talks with Hanlong.
The New South Wales Supreme Court has ordered Hanlong managing director Steven Hui Xiao to remain in Australia until September 22, with the exception of a trip to Hong Kong from September 13 to 14 to attend to visa requirements, according to the Australian Securities & Investments Commission.
His Australian assets have also been frozen.
The court said the commission had shown cause for investigating whether Xiao, a Chinese national, has contravened the Corporations Act's insider trading provisions by dealing in the shares of Sundance Resources and Bannerman Resources, two Perth-based firms now in talks with Hanlong over takeover plans involving more than US$1.5 billion.
Travel bans also restrain Calvin Zhu, a Hanlong vice president, and Fan Zhang, a Hanlong employee. The court also froze the pair's assets.
Zhu and Zhang are Australian citizens.
Freezing orders were also obtained against Xiao's wife, two other women and Wingatta, an company associated with Zhang, the statement said.
Hanlong, a wholly-owned subsidiary of Sichuan Hanlong, bought 18.6 percent of Sundance in March and offered A$0.50 (US$0.53) per share for the company in July.
Sundance said it "continues to progress advanced talks with Hanlong." Shares in Sundance fell 10.11 percent to close at A$0.40 yesterday on the Australian Securities Exchange. The company said it continues to engage in talks with Hanlong.
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