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Perth businessman to fight insider trading charges

Steven Noske.
Steven Noske.

Perth businessman Steven Noske is set to spend up to a fortnight fighting an insider trading charge over alleged share dealings five years ago.

Mr Noske pleaded not guilty in the Supreme Court yesterday to a charge that he bought 750,000 shares in Westside Corporation while possessing information that was not generally available.

The court heard yesterday Mr Noske bought the Westside shares between February 2, 2012, and February 10, 2012, in his capacity as the trustee of a family superannuation fund.

Prosecutors allege he bought the shares armed with information a reasonable person would expect to have a material effect on the value of Westside shares.

When the charge was read to him yesterday, Mr Noske said: “I am not guilty.”

Mr Noske is a former chief of oil and gas juniors Bass Oil and WHL Energy.

He was charged in 2015.

Justice Stephen Hall empanelled a 16-person jury for the trial but told jurors only 12 would ultimately be needed to deliver a verdict.

Details of the alleged insider information was not provided to the jury, which was sent home shortly after being read the charges and being told of their obligations.

Justice Hall said they should not discuss the case with family or friends and should consider giving Facebook a rest for the duration of the trial.

Prosecutor Sam Vandongen and defence barrister Tom Percy are expected to give opening addresses today ahead of the jury hearing from witnesses.

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