ASIC brings action against Hochtief AG for insider trading
ASIC has today released not only a media statement but also the copy of agreed facts ((VIEW LINK) ) relating to the admitted allegation of insider trading in relation to Hochtief's early 2014 on-market purchases of Leighton Holdings' shares. By altering its previous instructions to acquire a large parcel of Leighton's shares from 31 January 2014 to 14 February 2014 (with its last trade on 3 February 2014), Hochtief AG admitted it took advantage of its insider knowledge that Leighton's FY2013 results were likely to be at the higher end of previous earnings guidance. When the FY2013 results were released on 20 February 2014 shares traded in a range from opening price of $18.30 to a low of $16.90 before closing at $17.21, up 4.88% on the previous day's closing share price. With ASIC and Hochtief AG disagreeing on the number of days of trading that occurred - relevant to determining the gain made on the insider trading - the issue of penalty has yet to be determined.
With a background in human resources, executive search and corporate law, Kym Sheehan brings unique perspectives on corporate governance and meeting resolutions to her work for The Executive Remuneration Reporter. The Executive Remuneration...
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