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Insider Trader to Resign Board Positions Shortly

Paul Hyslop, the Wilson Neill Ltd director at the centre of Fletcher Challenge Paper insider trading scandal, is expected to resign most if not all of his directorships within the hour.

Hyslop is in conference with his Auckland lawyers, Barker Hunt, this afternoon after the High Court this morning ended interim name suppression granted after the NZ Herald sought to name him.

A Securities Commission report found that Hyslop, a director of Wilson Neill since December last year - meaning that the Securities Commission was already investigating him by the time he joined the board of the publicly listed company - had profited by up to $40,000 after he found and copied a confidential internal Fletcher Challenge memo detailing a planned merger between Fletcher Paper and its Canadian paper interests.

The Securities Commission decided not to prosecute Hyslop, whom it identified only as EF in its report, released on Monday.

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