A mining executive has been extradited from Hong Kong to Australia to face 104 charges related to insider trading, in one of the biggest cases of its type to be prosecuted in the country.
Hui Xiao, who is the former managing director of Hanlong Mining Investment, was on Friday accused of procuring his wife and others to buy shares in companies in which he had insider knowledge that they were the subject of proposed takeovers.
The Australian Securities and Exchange Commission, which investigated the case, said the charges related to suspected insider trading in financial products related to Sundance Resources and Bannerman Resources. Both companies were the subject of proposed takeover offers by the Chinese company Hanlong Mining, which subsequently did not go ahead.