The charmed run before the courts enjoyed by John Gay, former chairperson of Tasmanian timber company Gunns, may soon be over.
Gunns became insolvent in 2012, owing investors more than $1 billion. The company had been in serious financial trouble since February 2010, when a director’s report detailing its falling revenue was made public.
Two months before the report was released, Gay used his inside knowledge of the company’s financial position to sell Gunns shares worth more than $3 million. He avoided what was thought at the time to be a loss of $800,000.
Gunns
Tasmanian Premier Lara Giddings sacked Greens ministers Nick McKim and Cassie O’Connor from cabinet on January 15 — the same day that she announced a state election would be held in March.
The Greens have shared power with Labor since a minority government was elected in 2010. But the deal has proven unpopular with Labor voters and Giddings has ruled out a power-sharing deal with the Greens in future.