Feb 26, 2014

Will ASIC try again on Gay’s Gunns insider trading proceeds?

Former Gunns chairman John Gay isn't off the hook yet: ASIC has revealed in Senate Estimates it could still prosecute after his insider trading conviction.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

The Commonwealth Director of Public Prosecutions may revisit prosecuting former Gunns chairman John Gay to retrieve up to $750,000 in funds after his conviction for insider trading of shares in the timber company, the Australian Securities and Investments Commission has revealed.

In response to questions from Tasmanian Greens senator Peter Whish-Wilson at a Senate Estimates hearing this morning, ASIC officials said they were “in a dialogue” with the CDPP over a proceeds of crime action against Gaye, which was abandoned by the Australian Federal Police in January.

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One thought on “Will ASIC try again on Gay’s Gunns insider trading proceeds?

  1. Whistleblower

    Gay trousered over half $1 million as a consequence of inside information, and he was let off with a slap on the wrist with no requirement to repay his ill gotten gains. This is not only a blot on the capacity of ASIC, it is also an indication of soft corruption within the judicial system which has allowed this appalling injustice to occur.

    Obviously Gay has no shame or integrity.

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