Ex-Hanlong exec jailed in insider trade case
By Cherry Cao |
February 16, 2013, Saturday
|
Print Edition
Print Edition
A FORMER vice president of China's Hanlong Mining Investment Pty Ltd was sentenced to 27 months in prison for insider trading by an Australian court yesterday, Australia's corporate watchdog said.
Zhu Boshi, an Australian citizen also known as Calvin Zhu, will serve a minimum of 15 months, according to a statement released by the Australian Securities and Investments Commission.
The 31-year-old pleaded guilty in July to three charges of insider trading between December 2006 and July 2011 while working for three different employers.
Zhu admitted to trading in shares of Australian iron ore explorer Sundance Resources and uranium explorer Bannerman Resources, both takeover targets of Hanlong, while he was working for Hanlong.
Those charges also included trading in shares of credit risk provider Veda Advantage while he was at financial advisory firm Caliburn Partnership, and trading in wholesaler Funtastic Ltd while he was an associate at Credit Suisse.
Gross profits from his trades totaled A$1.3 million (US$1.35 million), officials said.
In the sentencing, judge Peter Hall considered Zhu's cooperation with the investigation and early guilty plea, the commission said.
Zhu was among several Hanlong executives targeted in a commission probe into insider trading in Sundance and Bannerman. The watchdog said its investigation of others associated with Hanlong Mining is ongoing.
Hanlong Mining has faced delays in trying to secure Chinese government approval for a US$1.4 billion takeover of Sundance Resources.
Zhu Boshi, an Australian citizen also known as Calvin Zhu, will serve a minimum of 15 months, according to a statement released by the Australian Securities and Investments Commission.
The 31-year-old pleaded guilty in July to three charges of insider trading between December 2006 and July 2011 while working for three different employers.
Zhu admitted to trading in shares of Australian iron ore explorer Sundance Resources and uranium explorer Bannerman Resources, both takeover targets of Hanlong, while he was working for Hanlong.
Those charges also included trading in shares of credit risk provider Veda Advantage while he was at financial advisory firm Caliburn Partnership, and trading in wholesaler Funtastic Ltd while he was an associate at Credit Suisse.
Gross profits from his trades totaled A$1.3 million (US$1.35 million), officials said.
In the sentencing, judge Peter Hall considered Zhu's cooperation with the investigation and early guilty plea, the commission said.
Zhu was among several Hanlong executives targeted in a commission probe into insider trading in Sundance and Bannerman. The watchdog said its investigation of others associated with Hanlong Mining is ongoing.
Hanlong Mining has faced delays in trying to secure Chinese government approval for a US$1.4 billion takeover of Sundance Resources.
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