Convicted insider trader and former Gunns boss, John Gay, has been given the go head to manage two family companies.
Gay was banned from running a company when he was convicted last year of selling 3.4 million Gunns shares while he had price sensitive information.
He was also fined $50,000 for the 2009 share sale which netted $800,000.
The former timber boss launched a bid in the Supreme Court in Tasmania last month to run family companies, Speciality Veneers and JEG Management.
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Justice Robert Pearce said the companies were relatively small, private companies and Gay was the driving force behind them.
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Although Gay’s offence was serious, it was less serious than other insider trading cases because Gay was not deliberately dishonest.
*Pic from a rally opposing Gunns’ pulp mill by Matthew Newton Photography
GPO Box 1585, Hobart, 7001,
Tasmania, Australia.
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www.matthewnewton.com.au
