ASIC charges MacCormick

THE corporate watchdog has charged Perth company director Malcolm MacCormick with insider trading in relation to last year’s sale of his family business to ASX-listed company Walter Diversified Services for $40 million Mr MacCormick, of East Victoria Park, has been charged in relation to one count of insider trading by the Australian Securities and Investments Commission. The charges were brought following an ASIC investigation into Mr MacCormick’s alleged trading in shares of Walter Diversified Services. ASIC alleges that Mr MacCormick was in possession of inside information when he procured the purchase of Walter shares in morning trade on August 23 2007. This was shortly before an announcement by Walter to the ASX, which detailed Walter’s acquisition of the business and assets of DJ & MB MacCormick Civil Engineering.ASIC alleges that, at the time he procured the purchase of Walter shares, Mr MacCormick was a director of the private company from which Walter was acquiring the business and assets of DJ & MB MacCormick Civil Engineering and was also the manager of that business.