In Australia, Mukesh Panchal, the former company secretary at Queensland Gas Company Ltd, has pleaded guilty to insider trading. The Business Spectator reports that Panchal bought shares in QGC while in possession of inside information about an alliance with British giant, BG Group plc.
The Australian Securities and Investment Commission alleges that Panchal allegedly bought more than 400,000 QGC shares between January 15 and February 1, after learning of the $870 million BG deal.
“This information, had it been generally available, would have had a material effect on the price or value of Queensland Gas shares,” ASIC said in a statement on Wednesday. The share purchase was valued at more than $1.3 million, and Panchal was ordered to pay a penalty of $322,155.50 in October.
Panchal is set to be sentenced in the Brisbane District Court on April 15.
