Garry Stannus’ pic of John Gay leaving court…
THE country was disappointed with the $50,000 fine handed to former Gunns chairman John Gay for insider trading, the Australian Securities and Investments Commission said.
At a Senate hearing this morning ASIC chairman Greg Medcraft said the Commonwealth’s Director of Public Prosecutions was pursuing a proceeds of crime action against Mr Gay.
The case is expected to go to court on June 12.
Gay, who changed his plea to guilty on the day his trial started, was convicted and fined $50,000 in August last year for insider trading after the court found, despite the prosecution’s submission, that jail was inappropriate.
• John Lawrence, Tasfintalk: Gunns’ clearing sale … It’s been a shameful and extravagant hit to the public purse and to growers’ pockets, so hopefully New Forests make better use of their publicly subsidised investment with more acceptable and profitable value adding than that practised and proposed by the rogues who preceded them.
