Fugitive Hanlong executive arrested
A former Hanlong Group executive who fled Australia to escape an insider trading investigation was arrested in Hong Kong overnight.
Until his flight in 2011, Steven Xiao was an executive with Hanlong, the Chinese company that controls WA's Moly Mines and attempted to buy both Sundance Resources and Bannerman Resources.
Another Hanlong executive, Calvin Zhu, has already been charged and sentenced.
The Australian Securities and Investments Commission investigated Mr Xiao, and other Hanlong executives, on suspicion of insider trading related to the company's bids for Sundance and Bannerman. Mr Xiao subsequently failed to return from an allowed visit to China.
It is understood Mr Xiao faced Hong Kong's Eastern Magistrates Court this morning.
ASIC will attempt to have the one-time Sydney-based executive extradited.
