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.

 

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