New Zealand’s first ever insider-trading trial has started for former Eroad employee Hamish Marc Sansom.
The Financial Markets Authority (FMA) alleges Sansom sold 15,000 shares in the NZ-based transport technology and services company after receiving confidential US sales information through a text message in 2015.
Sansom denies the charge, Radio NZ reports.
Jeffery Peter Honey, another former Eroad employee, was charged and sentenced to six months home detention last year for sending the confidential information.
The jury trial is set for one week before Justice Hinton.
Eroad chief executive Steven Newman says he supports the lifting of Sansom’s name suppression.
Sansom was an employee of Eroad between September 2013 to April 2015 and was not employed at the time of the alleged offending in September 2015, Newman says.
“Eroad fully supports the FMA’s action and Eroad has fully co-operated with the investigation into the insider trading allegations.
“Eroad’s conduct was not part of the FMA’s investigation” Newman says.
