Former China mining executive extradited to Australia

A former director of Chinese mining firm Hanlong was extradited from Hong Kong to Australia Friday where he appeared in court charged with 104 counts of insider trading.

Sydeny: A former director of Chinese mining firm Hanlong was extradited from Hong Kong to Australia Friday where he appeared in court charged with 104 counts of insider trading.

Australian authorities have been chasing Xiao Hui, also known as Steven Xiao, since late 2011, when he fled the country while on bail and was declared a fugitive.

"Xiao Hui, also known as Steven Xiao and Jiayi Xiao, the former Hanlong Mining Investment managing director, was extradited to Australia overnight," the Australian Securities and Investment Commission (ASIC) told AFP.

He appeared before the Sydney Central Local Court on the insider trading charges and was remanded in custody with the case adjourned until November 26. He was not required to enter a plea with each offence carrying a maximum 10 years in jail.

ASIC obtained court orders against Xiao and other Hanlong employees in 2011 over alleged insider trading relating to planned investments in Australian-listed companies Sundance Resources and Bannerman Resources.

One executive, former vice president Zhu Bo Shi, also known as Calvin Zhu, was sentenced to more than two years in jail in 2013.

Zhu admitted making Aus$1.3 million (US$1.13 million) in share trading while working for three different employers, including Hanlong, after acquiring inside information about proposed takeovers.

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