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Ex-Hanlong exec, wanted in Australia, seeks asylum in Hong Kong

Published on Mar 13, 2014 2:57 PM

HONG KONG (REUTERS) - A former executive of China's Hanlong Mining Investment Pty Ltd, wanted in Australia for alleged insider trading, is seeking asylum in Hong Kong, a court heard on Thursday, a process that could delay his extradition by several years.

Xiao Hui, also known as Steven Xiao, is wanted in relation to 104 offences linked to Hanlong's 2011 takeover bids for Australia's Sundance Resources Ltd and Bannerman Resources Ltd.

During an insider trading investigation in Australia, Xiao was permitted to leave the country for a short visit back to China in November 2011 but did not return. He was arrested in Hong Kong in January.

In February, Xiao applied to authorities to be granted asylum in Hong Kong, according to his lawyer Robert Tibbo, who said it could take five years or more for his case to be resolved.

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