Former BG vice-president Stuart Fysh has spoken about his time in jail as part of a submission to a Senate inquiry, examining the role of Australia’s corporate regulator after he was convicted for insider trading.
During his time in prison Fysh, who was one of the company’s most senior executives, said he was “locked up in appallingly hot, cockroach-infested cells with violent, drug-affected offenders”.
In an article in The Australian, he has lambasted his former employer, accusing it of working too closely with ASIC in an attempt to convict him.
Fysh, an Australian, spent six months behind bars before being cleared of any wrongdoing, when his 3 1/2 year sentence was overturned by the NSW Court of Appeal.
As part of an insider trading investigation, ASIC asked BG for information on staff investments in Origin Energy, which was a BG takeover target.
Fysh, according to the Australian, didn’t have any shares in Origin, though he did have a holding in Queensland Gas, which BG told ASIC about.
“I think BG panicked . . . then the first I heard of it was a freeze order and was basically told ‘you are being investigated now and you have to be very careful about what you say’.
“I could not defend myself within BG because they had foolishly gone to ASIC with ill-founded suspicion.
“I am extremely unhappy with the way they treated me.
“It was completely inconsistent with my 10 years of service to the company.
“I think BG made a mistake in rushing to judgment the way they did. They did not value my loyalty and did not look carefully enough.”
There’s more here.
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