The Commonwealth Director of Public Prosecutions has been rejected in its bid to pursue $3.1 million from former Gunns boss John Gay for insider trading. Gay was fined $50,000 and banned from running companies for five years after he was convicted of selling $3.1 million in Gunns shares while privy to price sensitive information in late 2009. Supreme Court of Tasmania Justice Stephen Estcourt this morning rejected an application by the DPP to strip Gay of the entire amount under proceeds of crime laws. "If the respondent had waited until 22 or 23 February 2010 to sell his shares lawfully he could have disposed of them for approximately $2.5 million," Justice Estcourt said in his findings. Justice Estcourt will hear arguments on the total amount that Gay benefitted from the trades at a later date.
The Commonwealth Director of Public Prosecutions has been rejected in its bid to pursue $3.1 million from former Gunns boss John Gay for insider trading.
Gay was fined $50,000 and banned from running companies for five years after he was convicted of selling $3.1 million in Gunns shares while privy to price sensitive information in late 2009.
Supreme Court of Tasmania Justice Stephen Estcourt this morning rejected an application by the DPP to strip Gay of the entire amount under proceeds of crime laws.
"If the respondent had waited until 22 or 23 February 2010 to sell his shares lawfully he could have disposed of them for approximately $2.5 million," Justice Estcourt said in his findings.
Justice Estcourt will hear arguments on the total amount that Gay benefitted from the trades at a later date.
