Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant or accept liability for the accuracy or usefulness of the transcripts. These are copied directly from the broadcaster's website.
Former Gunns Boss Fined $50,000 for Insider T -

View in ParlViewView other Segments

EMMA ALBERICI, PRESENTER: Shareholders and environmentalists have slammed the penalty imposed on former Gunns boss John Gay he was been sentenced for insider trading.

The former chairman of the Tasmanian timber company walked free from the Supreme Court in Launceston after being fined $50,000. Gay pleaded guilty to selling 3.4 million Gunns shares in 2009 after reading a private report detailing a dramatic drop in the share price. By selling early, he was more than $700,000 better off. At the time of Gay's offending, the maximum penalty for the charge was five years jail and a $220,000 fine.

GARRY STANNUS, ANTI-GUNNS CAMPAIGNER: It's pathetic. This man, to satisfy community expectation, should be in jail right now.

EMMA ALBERICI: Justice David Porter said John Gay should have known the information was price-sensitive but he said the offence was less serious than others because Gay was motivated by the need to reduce family debts after he was diagnosed with prostate cancer.