Trading in Telstra Corporation Ltd
(ASX:TLS) on Friday last week, ahead of an announcement regarding the company's $11 billion NBN deal with the government, is being investigated by ASIC for possible insider trading.
According to a report in The Australian Financial Review, Telstra shares jumped 7 cents on Friday with more than $198 million in Telstra shares traded.
On the weekend it was revealed that the telco and the government had struck a deal of the National Broadband Network which will allow the National Broadband Network Company to access infrastructure owned and operated by Telstra.
The Fin Review says the rally in Telstra shares was brought to ASIC’s attention by Corporate Law Minister Chris Bowen who relayed his concern to the watchdog, saying the government takes these matters very seriously.
Telstra shares rallied on Monday as news of the deal spread, investors welcoming the outcome.
Telstra reported net profit after tax of over $4 billion in fiscal 2009, up on the year before.
