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

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter