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Senator responds to ASIC admission that “We haven’t given up” on John Gay proceeds of crime

Today in Senate Estimates, under continued questioning from Tasmanian Greens Senator Peter Whish-Wilson, ASIC have admitted that the John Gay proceeds of crime action is still alive.

Chris Savundra, Senior Executive Leader Markets Enforcement, ASIC said “proceeds of crime remains a live issue. We are in dialogue with the Commonwealth Director of Public Prosecution”.

Chairman of ASIC, Greg Medcraft followed up in saying “We haven’t given up”.

Former Chairman of Gunns Limited, John Gay plead guilty to insider trading which occurred in 2009. It has been estimated that he made $800,000 from the transactions. ASIC referred the case to the Australian Federal Police (AFP) yet it was revealed by the media on the 27th of January that the AFP dropped their proceeds of crime action.

Senator Whish-Wilson said “This is a significant matter of public interest, especially for Tasmanians and ex-shareholders of Gunns Limited.

“Penalties for white collar crime need to be further strengthened and I hope that the recommendations from the Senate Inquiry into ASIC will reflect the community desire for this change”, Senator Whish-Wilson concluded.


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Media Contact: Tim Beshara 0409 164 603



Footage of the questioning is available at Key ASIC admission at 6.52

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