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Gunns court payout
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The Australian Greens say the chairman of timber company Gunns, John Gay, owes shareholders an explanation after it was forced to pay court costs to politicians.
Gunns initially wanted to sue 20 conservationists on the grounds that their anti-logging activities damaged the company's business, but it later dropped the claims.
Greens Senator, Bob Brown, says the Victorian Supreme Court yesterday ordered Gunns to pay $52,000 to himself and former Tasmanian Greens leader, Peg Putt, after it failed to proceed with civil charges in the so-called Gunns 20 case.
Senator Brown describes the case as a costly legal failure, and says if the idea was to silence him and other forest activists, it had the opposite effect.
Gunns shares have suffered significant losses on the stock market for a third day running.
The share price has fallen by 25 per cent in the past three days, at lunch time Gunns shares were trading at $1.65.
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