Mine company executive jailed for insider trading

A former mining company executive has been sentenced to jail for using inside information to buy and sell shares.

Calvin Zhu, formerly an executive at Chinese-owned Hanlong Mining, admitted he was a serial inside trader.

He made profits for himself and his associates of more than $1.3 million using inside information relating to planned takeover bids.

At the NSW Supreme Court today, Justice Peter Hall sentenced Zhu to two years and three months in jail, and said he must serve a minimum of 15 months.

Zhu co-operated with the Australian Securities and Investments Commission (ASIC) after its market surveillance team noticed the suspicious trades.

Zhu's lawyer told the ABC the judge recognised his client's remorse and passed the appropriate sentence.

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