FORMER BG GROUP EXECUTIVE BAILED

Written on the 5 April 2011

FORMER BG GROUP EXECUTIVE BAILED

A FORMER senior executive of international energy company BG Group has pleaded not guilty today on charges brought by ASIC for insider trading.

Dr Stuart Alfred Fysh was charged with four counts of insider trading contrary to sections 1043A(1) and 1311(1) of the Corporations Act 2001.

The charges against Dr Fysh relate to his purchase of 250,000 shares in Arrow Energy in June 2007 and 250,000 shares in Queensland Gas Company Limited (QGC) in December 2007.

ASIC alleges that Dr Fysh was in possession of inside information relating to BG Group's interest in Arrow and QGC at the time he purchased the shares. BG Group and QGC announced an A$870 million strategic alliance in February 2008.

In December 2008, ASIC obtained interim asset preservation orders against Dr Fysh restraining him from dealing with funds which relate to his trading in Arrow and QGC shares (AD08-85). These orders continued until December 2009.

The Commonwealth Director of Public Prosecutions has since obtained orders under the Proceeds of Crime Act 2002 which prohibit Dr Fysh from dealing with funds subject to ASIC's asset preservation orders and his interest in specified real property in Australia.

Dr Fysh pleaded not guilty to all charges. He was granted bail subject to a number of conditions, including that his passports be held by ASIC. The matter will return to the Downing Centre Local Court on 31 May 2011.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.


Latest News

SLATER & GORDON AND MAURICE BLACKBURN SHOWDOWN IN BELLAMY'S CLASS ACTION

FIERCE rivals Slater & Gordon (ASX: SGH) and Maurice Blackburn have secured funding for class actions against Bel...

WHY VIDEO IS A "GIVEN" FOR BUSINESS

IN TODAY's digital-driven world, video is king and if used right, it can push a company's brand and brand ...

BRAMBLES TUMBLES AFTER REDUCING GUIDANCE

BRAMBLES (ASX: BXB) will miss its first-half guidance due to cost pressures at its North America business.

The com...

VILLAGE ROADSHOW PARKS HURT BY DREAMWORLD TRAGEDY

QUEENSLAND visitors to Village Roadshow (ASX: VRL) theme parks have declined 12 per cent in the wake of four deaths a...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter