Prosecutors to ask CY Leung to green-light extradition over alleged insider trading
Department of Justice has received 23 boxes of files from Australian authorities detailing allegations against Xiao Hui, a former senior executive at China’s Sichuan Hanlong Group
Prosecutors are to ask Chief Executive Leung Chun-ying to approve a request from Australia for the extradition of a businessman accused of more than 100 offences of insider trading.
Xiao Hui, a former senior executive at China’s Sichuan Hanlong Group who was arrested at Hong Kong International Airport last month, appeared for mention at his extradition hearing at Eastern Court this morning.
A representative of the Department of Justice in Hong Kong said they had received 23 boxes of files from the Australian authorities and would ask Chief Executive Leung Chun-ying for "approval to proceed" with the extradition request.
The prosecutor said that if the chief executive were to approve the request but Xiao were to refuse to comply, a committal proceeding would be carried out.
Principal Magistrate Bina Chainrai adjourned the case to March 13 this year while the prosecution sought the approval.
Xiao was remanded in custody.
Xiao resigned from Hanlong in 2011 after an investigation by Australia’s securities regulator into alleged insider-trading involving him and other Hanlong employees.
He left the country in November the same year and was declared a fugitive by the Australian authorities.