Gay in corporate court application

FORMER Gunns Ltd chairman John Gay has applied to the court to be allowed to manage two corporations, just four months into a five-year ban for insider trading.

Mr Gay was convicted in August of insider trading for selling 3.4 million shares in December 2009, three months before the now defunct timber company released its half-yearly results and the share price took a significant dive.

The 70-year-old was fined $50,000 and automatically disqualified from managing a corporation for five years.

Mr Gay applied to the Supreme Court of Tasmania last month for permission to manage his family company, Specialty Veneers, and JEG Management.

The Australian Securities and Investments Commission is understood to be opposing at least part of the application.

The matter was set down for a first directions hearing at the Supreme Court in Hobart yesterday, but the hearing was vacated and orders made by consent.

The half-day hearing will be held after March 10.  

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