A mining boss has been handed Australia's biggest insider trading jail sentence
Prison. Photo: Getty Images The former managing director of China's Hanlong Mining, Steven Xiao, has been sentenced to eight years and three months jail for insider trading.
The sentence handed down in Sydney today represents the largest ever sentence in Australia for insider trading.
Xiao pleaded guilty to charges relating to more than 100 illegal trades in Australian miners Sundance and Bannerman in 2011.
The trades were linked to Hanlong's ill-fated attempt to take over Sundance, which began in 2011.
Xiao was extradited to Australia in October 2014 after fleeing to Hong Kong amid an investigation by the Australian Securities and Investments Commission.
He will be forced to serve a minimum of five years and six months of his sentence before being released.
Up until Xiao's sentencing, the largest sentence ever handed down for insider trading in Australia was delivered to former National Australian Bank trader Lukas Kamay.
Kamay was sentenced to seven years and three months in March 2015 over a series of foreign exchange trades using data leaked by a university chum working at the Australian Bureau of Statistics. He is required to serve four years and six months of his sentence before being eligible for parole.
More to come.
This story first appeared at SMH Business Day. Follow us on Facebook.
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