The legal team for former Gunns chairman John Gay will "vigorously resist" the proposition that the total benefit he gained through insider trading was in excess of $3 million. The proceeds of crime hearing against the former timber giant began in the Supreme Court of Tasmania in Hobart this morning. Gay was fined $50,000 and banned from running companies for five years after he was convicted of selling more than $3 million in shares while privy to price sensitive information in late 2009. Gay is now facing civil proceedings from the Commonwealth Director of Public Prosecutions for proceeds of crime. The DPP has argued the gross benefit Gay received from the crime was the total $3 million he sold the shares for. Counsel for Gay, Neil Clellard, said he would "vigorously resist" that proposition. Justice Stephen Estcourt has adjourned to consider written submissions. Gay was not present in court for medical reasons.
The legal team for former Gunns chairman John Gay will "vigorously resist" the proposition that the total benefit he gained through insider trading was in excess of $3 million.
The proceeds of crime hearing against the former timber giant began in the Supreme Court of Tasmania in Hobart this morning.
Gay was fined $50,000 and banned from running companies for five years after he was convicted of selling more than $3 million in shares while privy to price sensitive information in late 2009.
Gay is now facing civil proceedings from the Commonwealth Director of Public Prosecutions for proceeds of crime.
The DPP has argued the gross benefit Gay received from the crime was the total $3 million he sold the shares for.
Counsel for Gay, Neil Clellard, said he would "vigorously resist" that proposition.
Justice Stephen Estcourt has adjourned to consider written submissions.
