The former managing director of China’s Hanlong Mining, Steven Xiao, has been sentenced to eight years and three months jail for insider trading following a five-year long investigation by the corporate watchdog.
The sentence handed down in the New South Wales Supreme Court on Friday is the largest ever in Australia for insider trading. It also marks the end of one of the Australian Securities and Investments Commission’s biggest investigations.
Xiao’s sentence marks yet another development in the Hanlong Mining saga that has led to several arrests in Australia. At the same time the company has been linked to one of the biggest corruption cases in China’s history.
The original article can be found at smh.com.au