The former Chair of telecommunications company Vocus Group Limited Vaughan Bowen has been acquitted of insider trading charges after a trial in the Melbourne County Court, the Australian Securities and Investments Commission (ASIC) said.
ASIC said in a media release that a jury found Bowen not guilty of two counts of insider trading relating to his disposal of more than 5.5 million Vocus shares on 4 June 2019.
ASIC had alleged Bowen sold the shares while in possession of inside information relating to the withdrawal of a takeover bid by EQT Infrastructure IV Fund, with the intention of avoiding a loss when the price fell upon the announcement.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC referral.
Vocus was taken over by Macquarie Infrastructure and Real Assets (MIRA) and Aware Super in 2021 for A$3.5 billion.
Bowen was the founder of M2 Communications, which was purchased by Vocus in 2016.