Joe Lewis, who is facing allegations of insider trading, increased his already sizeable holdings in Wagyu producer Australian Agricultural Company.
British billionaire Joe Lewis, who is the majority owner of Australia’s biggest premium beef producer, has been able to increase his majority stake in the Australian Agricultural Company despite facing allegations of insider trading.to romantic partners, assistants and personal pilots over eight years that helped them profit.
David Williams, a dealmaker who specialises in mergers and acquisitions in agriculture, said the billionaire – whose net worth is estimated at $US6.1 billion – was doubling down on his investment despite the insider trading allegations.“He’s showing no signs that he wants to sell,” Williams said. “If anything, I think he’s sending a signal he might even want to do more. So if anybody’s in doubt, [he] just might go in there and buy a few more shares.
On August 1, ASX’s compliance team wrote to AACo asking whether a member of its board of directors shared insider information with Lewis before it was released to the market based on the US indictment of Lewis.
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