Former VP of BG Group found guilty of insider trading
THE former vice president of BG Group - which is spending almost $20 billion on a gas project in Gladstone - has been found guilty of insider trading that earned him $640,000, according to the Australian corporate watchdog.
Dr Stuart Fysh was found to have bought 250,000 shares in Queensland Gas Company in 2007, just months before BG announced an alliance with QGC worth $870 million.
The Australian Securities and Investments Commission brought four charges against Dr Fysh relating to two trades on QGC and another two he made with QGC rival Arrow Energy.
These charges were prosecuted by the Commonwealth Director of Public Prosecutions.In April 2011, Dr Fysh pleaded not guilty.
He was released on bail subject to conditions which included he surrender his passport.
BG Group's global headquarters is in London.
A four-week trial found Dr Fysh guilty of insider trading for his dealings with QGC but cleared him of charges relating to Arrow shares.
ASIC deputy chairman Belinda Gibson said the result showed the regulator had systems in place to catch those trying to cheat the system.
"One of our key priorities is to promote fair and efficient markets," Ms Gibson said.
"Bringing insider traders to account is imperative so that investors have confidence in the integrity of our market."Dr Fysh is yet to be sentenced.