Former China mining executive extradited to Australia

Former China mining executive extradited to Australia

SYDNEY - A former director of Chinese mining firm Hanlong was extradited from Hong Kong to Australia Friday where he is wanted on more than 100 insider trading charges.

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 is expected to appear before a Sydney court later Friday on more than 100 insider trading charges, the corporate watchdog added.

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 Bo Shi Zhu, also known as Calvin Zhu, was sentenced to more than two years in jail in 2013.

Zhu admitted making Aus$1.3 million (S$1.45 million) in share trading while working for three different employers, including Hanlong, after acquiring inside information about proposed takeovers.

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