Gay allowed to manage two companies

Former timber company Gunns boss John Gay will be allowed to manage two companies, the Supreme Court of Tasmania has heard this morning.

Mr Gay pleaded guilty to one count of insider trading last year and was disqualified from managing companies for five years.

Justice Robert Pearce has allowed Mr Gay to manage two small family companies, Specialty Veneers and JEG Management. 

John Gay

John Gay

``Inside trading is a serious offence and Mr Gay's offence was serious,'' Justice Pearce said.

Justice Pearce said Mr Gay's offence did not involve dishonest conduct. 

``There is no appreciable risk he will reoffend,'' he said.

``Mr Gay was fined, and has suffered public condemnation''.

Mr Gay will remain disqualified from managing other companies and he must not direct a company alone.

The judgment over costs of the civil trial continues tomorrow.