Approval for Hanlong Mining proposed $1.65 billion takeover of Sundance Resources Limited (ASX:SDL) continues to face delays as Australian officials investigate claims of insider trading by Hanlong executives.
Australia’s Foreign Investment Review Board warned last month it would not give the bid the green light until more information from the investigation was revealed.
Fairfax Media says the case will return to the New South Wales Supreme Court today and that no one has yet been charged.
A decision from the Foreign Investment Review Board is only expected once the Australian Securities and Investments Commission reveals its complete findings.
The board of Sundance has backed Hanlong’s improved offer of $0.57 per share and, pending approvals, the offer is expected to be put to shareholders next year.
The 2011 financial year Sundance Resources reported a net loss of $21.7 million.
