Hanlong Mining's former VP pleads guilty
Updated: 2012-07-31 17:49
(Xinhua)
|
|||||||||
SYDNEY -- The former vice-president of China's Hanlong Mining has pleaded guilty to three insider trading charges in the Downing Center Local Court in Sydney, the Australian Securities and Investments Commission said on Tuesday.
The charges, brought by ASIC, relate to conduct engaged in Calvin Bo Shi Zhu while working for three different employers, Caliburn Partnership, Credit Suisse Management and Hanlong Mining between December 2006 and July 2011.
In a statement released on Tuesday, ASIC said Zhu acquired inside information relating to proposed takeovers and procured one or more persons to acquire financial products relating to the proposed target companies while working for each employer.
The first charge relates to conduct of Zhu while he was employed as an executive at Caliburn, ASIC said.
Zhu admitted he used the inside information relating to a proposed takeover of Veda Advantage by Pacific Equity Partners and procured two friends to carry out trading between December 2006 and March 2007.
The second charge against Zhu relates to information he admitted to providing about other takeovers while employed as an associate at investment bank Credit Suisse.
The third charge relates to information about Hanlong's takeover offer for Sundance Resources and another takeover offer for Bannerman Resources in 2011 while Zhu was employed as a vice-president of Hanlong Mining.
ASIC said the gross profit derived from Zhu's offending was over A$1.3 million ($1.36 million), with Zhu's share of A$370,000 ($388,500).
ASIC's investigation is ongoing in relation to other persons associated with Hanlong Mining, the Australian corporate watchdog said.
Zhu is expected to be sentenced in the New South Wales Supreme Court on Sept 7.
- Relief reaches isolated village
- Rainfall poses new threats to quake-hit region
- Funerals begin for Boston bombing victims
- Quake takeaway from China's Air Force
- Obama celebrates young inventors at science fair
- Earth Day marked around the world
- Volunteer team helping students find sense of normalcy
- Ethnic groups quick to join rescue efforts
Most Viewed
Editor's Picks
Supplies pour into isolated villages |
All-out efforts to save lives |
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
Today's Top News
Health new priority for quake zone
Xi meets US top military officer
Japan's boats driven out of Diaoyu
China mulls online shopping legislation
Bird flu death toll rises to 22
Putin appoints new ambassador to China
Japanese ships blocked from Diaoyu Islands
Inspired by Guan, more Chinese pick up golf
US Weekly
Beyond Yao
|
Money power |