Former BG Executive Found Guilty of Insider Trading in Australia

Date : 11/14/2012 @ 3:23AM
Source : Dow Jones News
Stock : BG Grp. (BG.)
Quote : 1062.0  0.0 (0.00%) @ 1:37AM
BG Group share price Chart

Former BG Executive Found Guilty of Insider Trading in Australia

BG Group (LSE:BG.)
Historical Stock Chart

5 Years : From Oct 2012 to Oct 2017

Click Here for more BG Group Charts.

By Ross Kelly

SYDNEY--A former senior BG Group PLC. (BG.LN) executive was found guilty by an Australian court Wednesday of insider trading after he bought shares in a company shortly before it was acquired by the British energy company.

Stuart Fysh, the former head of BG's Asia, Middle East and Africa divisions, was accused of the crime by Australia's securities regulator in late 2008. He left BG in December that year after an internal company investigation concluded his position there was untenable.

Mr. Fysh had pleaded not guilty to the charges, which relate to his purchase in 2007 of 250,000 shares each in Queensland Gas Corp. and Arrow Energy Ltd.. He was found guilty Wednesday in the Supreme Court of New South Wales of two counts of insider trading related to his purchase of the Queensland Gas shares.

He was found not guilty regarding his purchase of the Arrow Energy shares. That company was eventually acquired by Royal Dutch Shell PLC (RDS) and PetroChina Co. (PTR) in 2010 following a bidding war with BG.

"The verdict serves to emphasise how important it is that employees understand their obligations in relation to confidential information and dealing in shares," a spokesman for BG Group said.

According to the Australian Securities & Investments Commission, Mr. Fysh made about 640,000 Australian dollars (US$668,000) from his trades in Queensland Gas shares. Supreme Court Judge Lucy McCallum will sentence Mr. Fysh at a date to be determined.

Insider trading in Australia currently carries a maximum penalty of 10 years in prison.

Mr. Fysh's attorney's weren't reachable for comment.

Write to Ross Kelly at

Subscribe to WSJ:

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:41 V:us D:20171022 00:57:23