Financial Times

Spence insider dealing case on Monday

The writ application in the insider dealing case against the former chairman of the Securities and Exchange Commission (SEC), Michael Mack, is to be taken up for argument on Monday. The Court of Appeal is hearing writ applications by Mack, a former chairman of Aitken Spence, and another ex-director of the conglomerate, Norman Gunawardene seeking to quash the SEC's decision to prosecute the two for alleged insider dealing in the firm's shares. They have denied any wrong doing in the matter.

The SEC decided to institute legal action against Mack and Gunewardene on the advice of the Attorney General's Department. The SEC decided to prosecute them after a lengthy investigation into the transactions of Mack, Gunewardene and another Spence ex-director, Manil de Mel, as well as some of their family members.

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