Mr Jin Xi Li, 54, of Caloundra, Queensland, appeared in the Maroochydore Magistrates Court today charged with 88 insider trading related offences.
Mr Li was charged under section 1043A of the Corporations Act following an ASIC investigation into trading in Contracts for Difference (CFD) and the ordinary shares of PanAust Limited (PanAust | ASX:PNA) prior to an announcement made by PanAust on 30 March 2015. The announcement concerned the receipt of a takeover bid from Guangdong Rising H.K (Holding) Limited.
ASIC alleges Mr Li was in possession of inside information regarding GRAM's takeover bid for PanAust when he:
- acquired PNA CFDs on 32 occasions between 19 March 2015 and 26 March 2015;
- procured others to acquire PNA CFDs on 55 occasions between 23 March 2015 and 27 March 2015; and
- communicated inside information to another person around 20 March 2015, when he knew, or ought reasonably to have known that person would or would be likely to acquire financial products in PanAust.
Mr Li was released on bail on condition and the matter adjourned to 15 December 2017 before the Brisbane Magistrates Court for further mention.
Each of the charges carries a maximum penalty of 10 years' imprisonment.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
ASIC's investigation into trading in PanAust follows the identification of suspicious trading by the Market's Surveillance Team.
A CFD is a financial product and is an agreement between an investor and a CFD issuer which allows a trader to speculate on future price movements in a financial product, such as shares. The value of a CFD roughly corresponds to the value of the underlying financial product, in this case, shares of PanAust traded on the ASX.
This matter has been adjourned to 16 February 2018 for further mention.
Editor's note 2:
On 16 February 2018, the matter was adjourned to 13 April 2018 for mention.
Editor's note 3:
The matter has been adjourned to 8 June 2018 for further mention.
Editor's note 4:
The matter has been scheduled for a committal hearing on 12 November 2018.
Editor's note 5:
At a hearing on 12 November 2018, Mr Li was committed to stand trial in the District Court of Queensland, on a date to be fixed.
Editor's note 6:
On 7 May 2019, Mr Li was indicted in the District Court of Queensland and will next appear on 3 July 2019 for mention. A trial date has yet to be set.
Editor's note 7:
On 3 July 2019, the matter was adjourned to 28 October 2018 for further mention. A trial date has yet to be set.
Editor's note 8:
On 28 October 2019, the matter was listed for a three week trial commencing 23 March 2020. A mention has been listed for 19 December 2019 and a trial review on 13 March 2020.
Editor's note 9:
On 5 March 2020 the trial listed for 23 March 2020 was vacated. The trial is now listed on 24 August 2020, with a mention listed on 5 June 2020 and a trial review on 14 August 2020.
Editor's note 10:
The trial listed for 24 August 2020 has been vacated and the matter is listed for a mention on 2 October 2020. No new trial date has been listed.
Editor's note 11:
At the mention on 2 October 2020, the Court listed the matter for a further mention on 21 January 2021 and trial commencing 19 April 2021.
Editor's note 12:
On 8 April 2021, the trial listed for 19 April 2021 was vacated and relisted for a three-week trial commencing 16 August 2021. A pre-trial hearing is listed on 29 April 2021 and a trial review is listed on 6 August 2021.
Editor's note 13:
On 11 August 2021, the trial listed for 16 August 2021 was vacated and relisted for a three-week trial commencing 7 February 2022. A trial review is listed for 28 January 2022.