David Gyngell cleared of insider trading allegations
ASIC clears Nine boss of selling $1.5 million in shares two weeks before company shares were downgraded.
- Published by David Knox
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- Filed under News
Nine CEO David Gyngell has been cleared of insider trading allegations after an Australian Securities and Investments Commission investigation.
In June it initiated an investigation after he sold $1.5 million worth of shares in the company two weeks before Nine Entertainment Co. shares were downgraded.
Fairfax now reports ASIC found the dealings were found to be in compliance with market policies and rules.
A spokesman for ASIC said, “In conducting its investigation, ASIC examined extensive documentation, including records and books, of Nine Entertainment Co Holdings, reviewed trading information and interviewed Mr Gyngell and other executives.
“ASIC also considered events leading up to trading conducted by Mr Gyngell. Following its investigation, ASIC has decided to take no further action.”