- Xiao Hui pleaded guilty to charges linked to planned takeovers
- Charges related to total of 102 illegal trades: regulator
A former mining executive extradited from Hong Kong has been jailed for more than eight years by a court in Australia on insider trading charges linked to planned takeovers in 2011 by a Sichuan Hanlong Group unit.
Xiao Hui, also known as Steven Xiao, a former managing director of the unit, was sentenced Friday in Sydney to eight years and three months, the Australian Securities & Investments Commission said Friday in an e-mailed statement. Xiao earlier pleaded guilty to two charges and admitted a third involving a total of 102 illegal trades.
Australia’s corporate regulator had accused Xiao of persuading his wife and other parties to acquire shares and securities in Bannerman Resources Ltd. and Sundance Resources Ltd. while he had information on takeover bids for the companies.
Xiao has been in custody since he was extradited in 2014 after he was arrested in January of that year at the request of the Australian government. Calvin Zhu, Xiao’s former colleague at Hanlong, was sentenced in 2013 to 27 months in jail after pleading guilty to three counts of insider trading.
Liu Han, the former chairman of Sichuan Hanlong Group, was executed last year in China following his conviction for running a billion dollar mafia empire involved in murder and extortion, according to a court in eastern Hubei province.