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Vaughan Bowen, the former chair of telecommunications company Vocus, has been formally charged with two counts of insider trading having been charged with the offences in September 2021.
Bowen, of Brighton, Victoria, appeared in court yesterday via his legal representative after being indicted on two counts of insider trading relating to allegations that he disposed of five million Vocus shares while in possession of undisclosed information.
As alleged by the Australian Securities and Investments Commission (ASIC), the intel related to the likely withdrawal of a proposal by EQT Infrastructure IV Fund to acquire Vocus.
ASIC alleges Bowen disposed of the shares one day before the Swedish suitor decided to scrap its proposed $3.3 billion takeover. Around two years later Vocus was eventually bought by Macquarie (ASX: MQG) for a higher sum of $3.5 billion.
The indictments come after the former chair, also the founder of M2 Telecommunications which merged with Vocus, had previously been discharged following a contested committal hearing at the Melbourne Magistrate’s Court in December last year.
“The CDPP may directly indict an accused after the Magistrates' Court declines to commit an accused for trial,” clarifies ASIC.
The matter is next due before court on 19 July 2023.
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