Hanlong executives accused of insider trading

Three senior executives of Chinese resource investor Hanlong Mining have resigned after Australian regulators froze their assets and banned them from traveling as part of an insider trading investigation, the Wall Street Journal reported. The Australian Securities & Investments Commission (ASIC) announced on Tuesday that the Supreme Court of New South Wales had issued orders to freeze the assets of the firm’s managing director, vice president, another employee and two other individuals, and barred them from leaving Australia. ASIC did not disclose details of the investigation, but it said the orders were issued in relation to trading made in advance of Hanlong’s proposed US$1.23 billion takeover bid of Sundances Resources (SDL.ASX), and a separate takeover bid for Bannerman Resources (BMN.ASX). Shares of Sundance fell 19% on the news before trading in its stock was halted, while Bannerman shares fell 10%.