Image for Former Gunns boss John Gay faces new court action to strip his assets

*Pic: Garry Stannus

FORMER Gunns boss John Gay will return to court next month as authorities renew a bid to strip him of his assets.

The Commonwealth Director of Public Prosecutions is pursuing Gay in a proceeds of crime action stemming from his insider trading in 2009.

He was convicted of insider trading in 2013 after he ­pleaded guilty to selling about $3 million worth of Gunns shares while privy to market sensitive information.

At the time he was the timber giant’s managing ­director.

In a sentence widely criticised for its perceived leniency, Gay was fined $50,000 and banned from acting as a company ­director for five years.

The ban was later relaxed to allow him to run a family ­company.

As revealed in yesterday’s Mercury ( HERE: Australian Federal Police backed off seizing former Gunns boss John Gay’s assets ), the Australian Federal Police rejected a request following his conviction to try to recoup the money he made from the insider trading.

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