Sichuan Hanlong Group insider trader jailed in Australia
SYDNEY (AP) — An Australian court has sentenced a Chinese former executive to more than eight years in prison for insider trading in 2011 when his privately-owned energy conglomerate Sichuan Hanlong Group subsidiary was preparing takeover bids for two Australian mining companies.
Xiao made a windfall profit of about $1.5 million when shares in both takeover targets soared in value after Hanlong Mining's bids were made public.