Part comment from Andrew Darby, Ben Butler
November 24, 2011---SMH
Investors and environmentalists are likely to question Gunns about the charges against Mr Gay and timing of its disclosure to the market from investors at the company's annual meeting in Melbourne today.
The charges will be an unwelcome distraction for Gunns chief executive Greg L'Estrange, who is struggling to find a joint venture partner to finance the company's $2.3 billion Bell Bay pulp mill project.
Maurice Blackburn principal Ben Slade, who is running the shareholder class action, said the two charges the Australian Securities and Investments Commission has laid against Mr Gay involve ''pretty much the same conduct'' as is at issue in the shareholder lawsuit.
In its separate Federal Court lawsuit, Maurice Blackburn is representing investors who held shares in the company between the end of August 2009 and announcement of the fall in profit that was made on February 22, 2010.
It alleges that by August 31, 2009, Gunns knew its results would be significantly worse than for the same period the previous year
Read more: http://www.smh.com.au/business/gunns-boss-privy-to-key-details-asic-20111123-1nuzi.html#ixzz1eYlhLSda
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