By a staff reporter
A former executive of China's Hanlong Mining, who is wanted in Australia for insider trading, was arrested in Hong Kong over the weekend, The Australian reports.
According to the newspaper, the Australian government now has 45 days to apply for the extradition of Hui Xiao, also known as Steven Xiao.
A statement released by the Australian Securities and Investments Commission states that Xiao is wanted in Australia in relation to 104 offences relating to insider trading ahead of Hanlong's takeover bids for Australia's Sundance Resources Ltd and Bannerman Resources Ltd in 2011.
Hanlong's former chief investment officer, Calvin Zhu, was sentenced to two years and three months jail on related charges.
Xiao was cleared to leave for Hong Kong for a short visit in 2011 but failed to return.
The Australian reports that Xiao is one of several Hanlong executives whom ASIC has investigated over insider trading.
