Expensive Lessons Australian Authorities Should Learn

Australia"s corporate regulator, the Australian Securities and Investments Commission

, has succeeded in a bid to stop Hanlong Minings former vice president, Calvin Zhu, from leaving the country.Mr Zhu, who is one of a number of Hanlong executives under investigation for alleged insider trading, had planned to travel to China tomorrow under a restricted travel regime which had been agreed to by the court last month.Henan Hongxing Mining Machinery Co., Ltd is a joint-stock mining machinery manufacturing enterprise integrated in scientific research, production and marketing. It is located at the High & New Technology Industries Development Zone of Zhengzhou,China with an area of 50 thousand m2 which includes 15,000 m2 of standard heavy duty industrial workshop. Equipments are more than 160 pieces, including large and medium sized metal processing, riveting and installing equipments. There are more than 660 workers including 80 administrators with secondary and senior occupational titles and engineering technicians. In order to promote the competitive strength, the advanced technologies have been introduced from America, Germany, Japan and Australia, which established the international advanced production line, first-class modern testing base as well as research centers of sand maker, mill and mine-selecting equipment. Scientific management, advanced processing technology and innovative manufacturing theory make the company become the mining machinery manufacturing and exporting base in China.Justice Michael Slattery of the NSW Supreme Court said Mr Zhus request to travel to China to give an account to his in-laws about his situation was less than compelling. And he said the failure of Mr Zhus colleague, Hanlongs former managing director Steven Xiao, to return to Australia under the restricted travel regime was a material change in circumstance.Justice Slattery agreed to ASICs request to vary the travel regime, and restrain Mr Zhu from leaving Australia.Earlier, ASIC officially conceded that Mr Xiao had abandoned his wife and children, and fled the jurisdiction to avoid the consequences of the ongoing investigation.Its position on Mr Xiao was revealed in the NSW Supreme Court today, as it sought to Mr Zhu from travelling to China to visit family this weekend.Advertisement: Story continues belowASIC is probing the alleged insider trading by the executives in Australian mining companies that were the subject of takeovers by Hanlong.While previous court appearances have couched Mr Xiaos actions as a failure to return to Australia, ASIC today put on the record that Mr Xiao has fled the jurisdiction.Mr Xiao had been given permission to travel to China in late November to give an oral presentation of his doctoral thesis, Research on project risk control of Chinese mining enterprises transnational investment.In an affidavit, ASIC investigator Colin Luxford said he had twice spoken with the professor who was supervising Mr Xiao at Wuhan University of Technology in the central Chinese province of Hubei.Mr Xiao had proffered to the court an email purporting that he must attend the university in person on November 25, Mr Luxford said. However the professor said he had not seen Mr Xiao, and his last communication, via email, was in early November.As the professional manufacturer of complete sets of mining machinery, such as Cone crushers,Mobile impact crusher,Artificial sand maker, Henan Hongxing is always doing the best in products and service.Spiral separator:http://www.hx-china.com/18.html China sand washers:http://www.hxjqchina.com/product-list_29.html

by: maggie

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