ASIC questions David Gyngell over sale of $1.5m shares, Nine denies all wrongdoing

June 10, 2015 3:59

Sharemarket watchdog the Australian Securities and Investment Commission (ASIC) has questioned Nine Entertainment over the sale of $1.5m of shares by its CEO weeks before a major profit downgrade.

It is understood the corporate regulator has been in contact about the transaction, with the company and its boss David Gyngell denying all wrongdoing.

A spokeswoman for Nine said this afternoon: “The two issues (the sale and downgrade) are not linked.

“If we had been aware of a downgrade anytime prior to Friday afternoon we would have announced it at that time. That is the ASX disclosure obligation which we have at all times abided by.

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Nic Christensen

Nic Christensen worked for Mumbrella from 2013 to 2016, in roles including deputy editor and media & technology editor. He is former media writer for The Australian and has also worked as a reporter for The Daily Telegraph and senior producer for Radio 2GB.

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