Pursuit of Gay's gains still a live issue: ASIC

Australia's corporate watchdog says the pursuit of John Gay's ill-gotten gains remains a ``live issue''.

Australian Securities and Investment Commission's Chris Savundra made the comment in response to questions by Tasmanian Greens Senator Peter Whish-Wilson during Senate Estimates today. 

Gay, the former managing director of Gunns, was convicted and fined $50,000 last year for selling more than $3 million worth of Gunns' shares in 2009 while holding insider information. 

Last month the Australian Federal Police announced it would not be launching a proceeds of crime action, referred to it by ASIC, against Gay. 

Such actions allow authorities to seize the benefit gained by somebody acting outside the law.

Mr Savundra, Senior Executive Leader of Markets Enforcement, said ASIC was in talks with the Commonwealth Director Of Prosecutions about the matter. 

ASIC chairman Greg Medcraft followed up in saying `we haven't given up''.

Full story in The Examiner tomorrow.