Coroner & Legal
Convicted insider trader John Gay cleared to run companies again
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
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