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ARTICLE · 13 FEBRUARY 2009

ASIC Takes A Hard Line On Insider Trading

HopgoodGanim
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The Australian Competition and Securities Commission has proven its commitment to taking a strong stance against insider trading by investigating and charging the former company secretary of one of Queensland's five largest publicly listed companies with insider trading.

AustraliaAntitrust/Competition Law
Brian Moller
Brian Moller
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The Australian Competition and Securities Commission has proven its commitment to taking a strong stance against insider trading by investigating and charging the former company secretary of one of Queensland's five largest publicly listed companies with insider trading.

Former Chief Financial Officer and Company Secretary of energy giant Queensland Gas Limited (Queensland Gas), Mr Mukesh Panchal, pleaded guilty on 4 February 2009 in the District Court of Brisbane, to four contraventions of sections 1311(1) and 1043A(1) of the Corporations Act.

ASIC began its investigations after it was alleged that Mr Panchal purchased 13 parcels of shares totaling 418,148 Queensland Gas shares valued at over $1.3 million between 15 January and 1 February 2008. This was in addition to the already substantial portfolio that he received as an incentive for his employment with Queensland Gas.

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