On 15 September 2025, AST ASIC said man was sentenced for insider trading.
- AST ASIC said Duncan Stewart was sentenced to 18 months imprisonment for insider trading involving Kidman Resources Limited and Wesfarmers Limited’s takeover offer.
- He will be released upon entering a AUD 10k recognizance, being of good behavior for two years, and paying a penalty of around AUD 65k.
Findings
- Stewart made around AUD 65k profit by buying shares in Apr. 2019 using inside information about Wesfarmers’ takeover and selling after the May 2019 announcement.
- AST Court considered that he also encouraged a family member to buy shares based on a second confidential takeover bid from Sociedad Química y Minera de Chile.
Sentence
- The sentence includes a five-year director disqualification and a criminal record; Judge Manova stressed insider trading damages market confidence and integrity.
- AST ASIC said insider trading harms all investors, and confirmed that strengthening its investigation and prosecution efforts remains a 2025 enforcement priority.
