Former Microsoft MD under investigation by ASIC for DJ’s share tradingTwo of David Jones Directors, Steve Vamos, former MD of Microsoft and Leigh Clapham, ex Vice President of Mastercard are under scrutiny by ASIC, having bought shares in the retailer just days before it announced a sales rise of 2.1%.
Australian Securities and Investments Commission are examining email communications between DJ’s Chairman, Peter Mason, and two non-executive directors, Vamos and Clapham, to ascertain what information they were privy to before making the share purchases.
Earlier this month David Jones reported sales of $424.2 million for the first quarter of fiscal 2014 – up 2.1% on same time a year ago. It was DJ’s first sales rise in 9 months. The news sent shares soaring 15% to $3.08.
Days earlier, Vamos and Clapham bought 12,500 and 20,000 share respectively.
IT industry veteran Vamos has been Director at David Jones since June 2012, and is also a Telstra Director, and led Microsoft ANZ from 2003-07, and was MS head of worldwide Sales and International Operations.
He was also MD of Apple, and is the founding President of think thank, Society for Knowledge Economics (SKE), that encourages better practices in management.
DJ’s voluntarily contacted ASIC after several prominent shareholders raised concerns in AFR.
Chairman Mason denies any wrongdoing and claims the Directors were not given any price sensitive information, reports AFR.
DJs shares are are currently sitting at $3.03 – up 0.83%
