Next legal push against Gay

A prosecutor from the Commonwealth Director of Public Prosecutions office appeared in the Supreme Court of Tasmania in Hobart this morning to take the first legal steps against former Gunns boss John Gay for proceeds of crime. 

Mr Gay was convicted last year of selling more than $3 million in Gunns' shares while privy to price sensitive information in late 2009.

Mr Gay was fined $50,000 for insider trading and banned from managing any companies for five years.

Earlier this year the court allowed him to manage two family companies. 

Mr Gay is now being pursued under proceeds of crime legislation, and it is estimated he gained $800,000 from selling the shares.

Prosecutor Roslyn Shaw told Chief Justice Alan Blow that the DPP was still gathering material and the amount sought from Mr Gay was not yet finalised.