Ex-Vocus chair Vaughan Bowen indicted on two counts of insider trading

Ex-Vocus chair Vaughan Bowen indicted on two counts of insider trading

Vaughan Bowen

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.

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Vocus subsidiaries fined $2.5m over 'misleading' broadband speeds

Vocus subsidiaries fined $2.5m over 'misleading' broadband speeds

Misleading claims about broadband speeds have landed Vocus Group...

Former Vocus chair hit with insider trading charges

Former Vocus chair hit with insider trading charges

Vaughan Bowen, the former chairman of telecommunications company Vo...

Vocus board backs Macquarie's $3.5b takeover offer

Vocus board backs Macquarie's $3.5b takeover offer

Macquarie's (ASX: MQG) $3.5 billion offer to acquire the...

Vocus receives $3.4 billion takeover offer from Macquarie fund

Vocus receives $3.4 billion takeover offer from Macquarie fund

Macquarie Infrastructure and Real Asset Holdings (MIRA) has submi...