Former chairman of Gunns John Gay wants part of his penalty for insider trading overturned. Source: AAP
FORMER chairman John Gay of failed Tasmanian timber company Gunns is asking a court to allow him to manage two companies after he was banned from doing so.
Gay's conviction for insider trading prevents him managing a company for five years.
He applied to the Tasmanian Supreme Court in November to be allowed to manage two firms, his timber business Specialty Veneers Pty Ltd, and another company, JEG Management Pty Ltd.
The Australian Securities and Investment Commission (ASIC) is opposing the application.
The parties have agreed to file court documents for a hearing no earlier than March 10.
Gay was fined $50,000 in August for trading about $3 million worth of Gunns shares with information not available to the market.
The Australian Shareholders' Association slammed the fine as too lenient when Justice David Porter handed it down in the Tasmanian Supreme Court.
Gay had faced a maximum penalty of five years' jail or a $220,000 fine.
In October it was revealed the Australian Federal Police was considering whether to investigate pursuing Gay over the profits of his insider trading.
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