The corporate watchdog has charged Perth company director Malcolm John MacCormick with insider trading, in relation to last year's sale of his family business to listed company Walter Diversified Services for $40 million.
Full annoucnement below:
Western Australia company director charged with insider trading
Mr Malcolm John MacCormick, of East Victoria Park in Western Australia, has been charged in relation to one count of insider trading by ASIC.
The charges were brought following an ASIC investigation into Mr MacCormick's alleged trading in shares of the Australian Securities Exchange (ASX)-listed company, Walter Diversified Services Limited (Walter).
ASIC alleges that Mr MacCormick was in possession of inside information when he procured the purchase of Walter shares in morning trade on 23 August 2007 shortly prior to 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.
The matter has been adjourned to 19 December 2008 for further mention in the Perth Magistrates' Court.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
