STEVEN Xiao, the former Hanlong Group executive who fled Australia after being arrested on insider trading charges, has been arrested in Hong Kong.
Xiao appeared in Hong Kong's Eastern Magistrates Court this morning after being arrested overnight.
Xiao was part of a syndicate of Hanlong executives who carried out a series of insider trades connected to Hanlong's takeover bids for Sundance Resources and Bannerman Resources.
Calvin Zhu, Hanlong's former chief investment officer, was sentenced to two years and three months jail for his role in the scheme.
Xiao fled Australia in 2011 after being granted court permission to return to China for two days.
It is understood the Australian Securities and Investments Commission will now have 45 days to bring its action against Xiao as it looks to extradite him to Australia.
And to think MOL is in bed with group
MOL Price at posting:
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