Gay hearing adjourned

THE former chairman of fallen timber giant Gunns Ltd will face court again in May on allegations that he made $3 million from insider trading.

John Eugene Gay, 69, is charged with having inside knowledge about the company when he sold about 3 million shares on December 2, 2009, and 404,178 shares two days later.

The alleged sale took place three months before Gunns reported a significant drop in its half-yearly earnings.

Mr Gay pleaded not guilty to both charges last February.

He was excused from attending the Supreme Court in Launceston this morning, where his case was adjourned until May 6.