REGINA v FIRNS [2001] NSWCCA 191

(2001) 161 FLR 294 Reported Decision : (2001) 38 ACSR 223 (2001) 19 ACLC 1495 124 A Crim R 157

New South Wales Court of Criminal Appeal

CITATION : REGINA v FIRNS [2001] NSWCCA 191 FILE NUMBER(S) : CCA 60215/00 HEARING DATE(S) : 8 December 2000 JUDGMENT DATE : 21 May 2001

PARTIES : REGINA v Kenneth John FIRNS JUDGMENT OF : Mason P at 1; Hidden J at 95; Carruthers AJ at 96

LOWER COURT JURISDICTION : District Court LOWER COURT FILE NUMBER(S) : 98/11/0895 LOWER COURT JUDICIAL Sides J OFFICER :

COUNSEL : Appellant: M Hobart/D Allen Respondent: T A Game SC/M Buscombe SOLICITORS : Appellant: Tzovaras Yandel Respondent: Commonwealth Director of Public Prosecutions CATCHWORDS : Corporations Law - s1002G - insider trading - legislative history of Division 2A of the Corporations Law - when is material "readily observable" - whether a judgment read in open court constitutes "readily observable" information - whether information must be available in Australia before it is "readily observable" - appeal upheld. D DECISION : Appeal upheld, conviction and sentence quashed and acquittal entered.

IN THE COURT OF CRIMINAL APPEAL CCA 60215/00

MASON P HIDDEN J CARRUTHERS AJ

Monday 21 May 2001

REGINA v Kenneth John FIRNS

Carpenter Pacific Resources NL (Carpenter) was an Australian company listed on the Australian stock exchange. Its main business in 1995 was holding exploration licences in Papua New Guinea through wholly owned subsidiaries.

The appellant's father, Mr Ron Firns, was an executive director at the time, as was Mr Richard Hill, the chairman and company secretary. The role of general manager was undertaken temporarily by Mr James Kruse, an employee of Mr Hill's accountancy firm.