Qld: Gas executive engaged in insider trading: court

AAP General News (Australia)
04-15-2009
Qld: Gas executive engaged in insider trading: court

BRISBANE, April 15 AAP - A former Queensland Gas executive engaged in insider trading
when he bought $1.3 million of the company's shares, a court has been told.

Mukesh Panchal, 42, was the company secretary when he bought 418,148 Queensland Gas
shares in January last year, the Brisbane District Court was told on Wednesday.

The shares were valued at more than $1.3 million.

The court was told Panchal purchased the shares when he had inside information about
an $870 million alliance with British-based BG Group.

The court was told this information would have affected the value of Queensland Gas
shares if it had been publicly available at the time.

Panchal has pleaded guilty to four counts of possessing shares while in possession
of inside information.

His sentencing hearing, which began on Wednesday, has been adjourned until April 27
so the lawyers can obtain further information on comparable sentences.

AAP cf/pjo/ht/mn

KEYWORD: PANCHAL

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