Hanlong Mining's former VP pleads guilty
Updated: 2012-07-31 17:49
(Xinhua)
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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.
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