Ex-Chinese mining boss gets jail term
Print Edition
AN Australian court jailed a former boss of scandal-hit Chinese mining firm Hanlong for eight years yesterday in a major insider trading prosecution.
Xiao Hui, also known as Steven Xiao, pleaded guilty last year after he was extradited from Hong Kong to Australia, from where he fled while on bail.
The three charges included one involving 102 illegal trades relating to planned investments in Australian-listed companies, Sundance Resources and Bannerman Resources, when Xiao was managing director of Hanlong.
Xiao was sentenced to eight years and three months behind bars by the New South Wales Supreme Court. With time served and a non-parole period he will be eligible for release from July 11, 2019, at the earliest.
“This sentence demonstrates the seriousness of insider trading,” said Cathie Armour, commissioner of the Australian Securities and Investment Commission, the financial regulator. “Maintaining confidence in the integrity of our financial markets is vital for everyone ... my message to anyone considering insider trading is this: ‘ASIC will find you.’”
She said the overall value of the trades was around A$2.3 million (US$1.7 million), with a profit of A$1.7 million.
A former vice president of Hanlong, Zhu Boshi, also known as Calvin Zhu, was in 2013 sentenced to over two years in prison as part of ASIC’s investigation into the insider trading allegations.
Hanlong’s chief, Liu Han, was executed in China last year for “organizing and leading a mafia-style group,” murder and other crimes.
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