Sichuan Hanlong Group insider trader jailed in Australia

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.

Hui Xiao, also known as Steven Xiao and Jiayi Xiao, had pleaded guilty in the New South Wales Supreme Court in Sydney in September to 102 illegal trades of shares in Sundance Resources and Bannerman Resources.

Xiao was subsidiary Hanlong Mining's managing director and the company's most senior executive in Australia. He was sentenced on Friday to eight years and three months in prison and must serve five years and six months in prison before he is eligible for parole.