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Hong Kong court refuses bail to ex-Hanlong executive in extradition case

Published on Feb 24, 2014 5:45 PM

HONG KONG (REUTERS) - A former executive of China's Hanlong Mining Investment Pty Ltd, wanted in Australia for alleged insider trading, was denied bail in Hong Kong on Monday and had his extradition hearing adjourned until March 13.

Hui Xiao, 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.

Xiao, during an insider trading investigation in Australia, was permitted to leave for a short visit to Hong Kong in 2011 but did not return.

Another former Hanlong executive, Bo Shi Zhu, also known as Calvin Zhu, was sentenced in 2013 to two years and three months in an Australian jail, having pleaded guilty to three counts of insider trading between 2006 and 2011.

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