Tweed snatches $2.5m AXA windfall

AXA Asia Pacific has confirmed that David Tweed's National Exchange has made a $2.5 million profit on its shares. Tweed wrote to small shareholders offering to buy their shares for $1 each although they traded at over $2 for nearly the entire recent three-year period. Tweed purchased more than $2.5 million shares through his offer then sold most of the holding, netting him almost $2.5 million in profit before capital gains tax.

AXA Asia Pacific CEO Lew Owen said he had notified the Australian Securities & Investments Commission and police when the transaction occurred “quite a long time ago”. Mr Owen accused authorities of being too slow to act on the issue. But an ASIC spokeswoman said the commission had no powers to act on Mr Tweed's activities until recently. Until April 8, traders were not compelled to include the market price of shares in their offers to buy them off-market.