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http://www.abc.net.au/worldtoday/stories/s746829.htm
Former Macquarie executive jailed again
The World Today - Friday, 13 December , 2002 00:00:00
Reporter: Jo Mazzocchi
JOHN HIGHFIELD: Former high-flying Macquarie Bank executive director Simon Hannes now faces more time in jail for his part in Australia's biggest case of insider trading bought by authorities.
In Sydney today, Justice Bruce James held up an appeal, sentenced the now 42-year-old former executive for the second time, three years after the case originally came to court.
The case has been an intriguing one because prosecution is very rare for insider trading within Australia's close knit corporate communities.
Jo Mazzocchi is at the Supreme Court of NSW.
Jo, he received the sentence of two years and six months. Was that expected?
JO MAZZOCCHI: John, that's right. He did, Justice Bruce James sentenced Simon Hannes to two years six months as you just said. But because he's already served 15 months, that means he only has to serve another four more months, and that possibly he'll be released next April.
I should also explain that the charges that Simon Hannes faced were one charge of insider trading and two charges relating to the Financial Transactions Report Act. So because he has already served some time, there were some who were expecting that he wouldn't receive any jail term and others who thought because it was the second trial that in fact he may have faced a much harsher penalty.
JOHN HIGHFIELD: Now just outline the facts. It was to do with the TNT, that is Thomas Nationwide Transport as it used to be known, and a takeover case, wasn't it? Coming from a foreign takeover, I think, Holland wasn't it? Or somewhere?
JO MAZZOCCHI: That's right. Yeah. In 1996, Macquarie Bank began advising TNT the transport company on an impending friendly takeover bid by Dutch company, KPN. And although Simon Hannes wasn't directly involved in the takeover, which was dubbed Project Hannes, he certainly as a senior member of Macquarie Bank, he had access to what was going on.
And the, I in fact covered the original, the first trial, and the facts that came out were that using the alias, Mark Booth, he set up a false business address at a Sydney Mail Centre. And then he started withdrawing money in $9,000 lots, sums that wouldn't normally attract attention. And he also bought options in TNT, about $2 million worth.
And so by using this alias of Mark Booth, that's how he was able to commit the offence.
JOHN HIGHFIELD: And why were there two separate trials?
JO MAZZOCCHI: Mmm. It's a bit confusing. The offences as I said were originally committed in September 1996. And originally there were two aborted trials. And then the first trial in 1999 was in The District Court of NSW.
Now that judge, the judge involved in the first trial was Judge Backhouse, and she originally jailed Simon Hannes for two years, two months and fined him $100,000, or $200,000 rather. Now the Crown argued that was too lenient a sentence and so it went to the Court of Appeal. And then the Court of Appeal ruled that there should be a fresh retrial. And then there's been the trial in the Supreme Court and it's the result today of the sentencing.
JOHN HIGHFIELD: I've no doubt that the Australian Securities and Investments Commission will look on this as a very good win for them on insider trading. It's a very strong message obviously…
JO MAZZOCCHI: Mmm. Mmm.
JOHN HIGHFIELD: Being sent. What did the judge have to say?
JO MAZZOCCHI: Well, he made a number of observations about Simon Hannes which were really quite fascinating. He described him as having, as once being quite a brilliant merchant banker. But he made much of the fact that Simon Hannes hadn't benefited from the options that he'd bought, and that no one had actually lost money.
He also in sentencing today, he took into account his previous good character which the prosecution said in a crime of this nature didn't really matter. The judge also said that he, Simon Hannes had previously had access to confidential information which he hadn't used.
JOHN HIGHFIELD: And did Simon Hannes, the prisoner, have anything to say about this?
JO MAZZOCCHI: Well, no. Strangely enough there was absolutely no reaction. Where I was sitting in court I could see him very clearly. He often would clench his fist and you know occasionally close his eyes. But he's been, even in the first trial I remember very clearly, he was one never to show any emotion.
And in fact the judge made much of the fact that he'd become, the media had done a lot of stories about him and that his life was ruined. And that really this was, his fall from grace I suppose was due to his motivating factor was …
JOHN HIGHFIELD: Jo, I think we'll have to leave it there. Jo Mazzocchi at the Supreme Court in NSW.
Former Macquarie executive jailed again
The World Today - Friday, 13 December , 2002 00:00:00
Reporter: Jo Mazzocchi
JOHN HIGHFIELD: Former high-flying Macquarie Bank executive director Simon Hannes now faces more time in jail for his part in Australia's biggest case of insider trading bought by authorities.
In Sydney today, Justice Bruce James held up an appeal, sentenced the now 42-year-old former executive for the second time, three years after the case originally came to court.
The case has been an intriguing one because prosecution is very rare for insider trading within Australia's close knit corporate communities.
Jo Mazzocchi is at the Supreme Court of NSW.
Jo, he received the sentence of two years and six months. Was that expected?
JO MAZZOCCHI: John, that's right. He did, Justice Bruce James sentenced Simon Hannes to two years six months as you just said. But because he's already served 15 months, that means he only has to serve another four more months, and that possibly he'll be released next April.
I should also explain that the charges that Simon Hannes faced were one charge of insider trading and two charges relating to the Financial Transactions Report Act. So because he has already served some time, there were some who were expecting that he wouldn't receive any jail term and others who thought because it was the second trial that in fact he may have faced a much harsher penalty.
JOHN HIGHFIELD: Now just outline the facts. It was to do with the TNT, that is Thomas Nationwide Transport as it used to be known, and a takeover case, wasn't it? Coming from a foreign takeover, I think, Holland wasn't it? Or somewhere?
JO MAZZOCCHI: That's right. Yeah. In 1996, Macquarie Bank began advising TNT the transport company on an impending friendly takeover bid by Dutch company, KPN. And although Simon Hannes wasn't directly involved in the takeover, which was dubbed Project Hannes, he certainly as a senior member of Macquarie Bank, he had access to what was going on.
And the, I in fact covered the original, the first trial, and the facts that came out were that using the alias, Mark Booth, he set up a false business address at a Sydney Mail Centre. And then he started withdrawing money in $9,000 lots, sums that wouldn't normally attract attention. And he also bought options in TNT, about $2 million worth.
And so by using this alias of Mark Booth, that's how he was able to commit the offence.
JOHN HIGHFIELD: And why were there two separate trials?
JO MAZZOCCHI: Mmm. It's a bit confusing. The offences as I said were originally committed in September 1996. And originally there were two aborted trials. And then the first trial in 1999 was in The District Court of NSW.
Now that judge, the judge involved in the first trial was Judge Backhouse, and she originally jailed Simon Hannes for two years, two months and fined him $100,000, or $200,000 rather. Now the Crown argued that was too lenient a sentence and so it went to the Court of Appeal. And then the Court of Appeal ruled that there should be a fresh retrial. And then there's been the trial in the Supreme Court and it's the result today of the sentencing.
JOHN HIGHFIELD: I've no doubt that the Australian Securities and Investments Commission will look on this as a very good win for them on insider trading. It's a very strong message obviously…
JO MAZZOCCHI: Mmm. Mmm.
JOHN HIGHFIELD: Being sent. What did the judge have to say?
JO MAZZOCCHI: Well, he made a number of observations about Simon Hannes which were really quite fascinating. He described him as having, as once being quite a brilliant merchant banker. But he made much of the fact that Simon Hannes hadn't benefited from the options that he'd bought, and that no one had actually lost money.
He also in sentencing today, he took into account his previous good character which the prosecution said in a crime of this nature didn't really matter. The judge also said that he, Simon Hannes had previously had access to confidential information which he hadn't used.
JOHN HIGHFIELD: And did Simon Hannes, the prisoner, have anything to say about this?
JO MAZZOCCHI: Well, no. Strangely enough there was absolutely no reaction. Where I was sitting in court I could see him very clearly. He often would clench his fist and you know occasionally close his eyes. But he's been, even in the first trial I remember very clearly, he was one never to show any emotion.
And in fact the judge made much of the fact that he'd become, the media had done a lot of stories about him and that his life was ruined. And that really this was, his fall from grace I suppose was due to his motivating factor was …
JOHN HIGHFIELD: Jo, I think we'll have to leave it there. Jo Mazzocchi at the Supreme Court in NSW.
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