The Australian Securities & Investments Commission (ASIC) announced that Duncan Stewart of Armadale, Victoria has been sentenced to 18 months imprisonment for insider trading in relation to Kidman Resources Limited shares while in possession of inside information about a takeover proposal from Wesfarmers Limited. He is to be released forthwith upon entering a AUD 10,000 recognisance to be of good behaviour for two years, on condition he pays a penalty of AUD 64,975.48. Mr Stewart pleaded guilty on 22 August 2024 to purchasing AUD 130,635.87 of Kidman shares on 3 and 10 April 2019 before Wesfarmers’ proposal was made public, then selling all shares after Kidman’s takeover announcement on 2 May 2019 for a realised profit of approximately AUD 64,975.48. The Court also took into account that he admitted being privy to a separate confidential takeover bid from Sociedad Química y Minera de Chile in March 2019 and encouraging a family member to buy shares, although he was not sentenced for that offence; the sentence also carries an automatic directorship disqualification for five years. ASIC noted that strengthening the investigation and prosecution of insider trading is one of its 2025 enforcement priorities and that it established a new criminal investigation taskforce in late 2024 to boost resources and expertise for insider trading investigations. The matter was prosecuted by the Office of the Director of Public Prosecutions (Cth).

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