(Adds Piedmont comment)
March 21 (Reuters) - A former director of Tesla Inc's Australian unit was sentenced to two years and six
months imprisonment and will be released immediately on the
condition of "good behaviour", Australia's corporate watchdog
said on Tuesday.
The sentence follows the former director's guilty pleas to
two insider trading offences tied to a supply deal the
electric-car maker signed with Piedmont Lithium Inc in
2020, according to the Australian Securities and Investments
Commission (ASIC).
ASIC said Kurt Schlosser purchased 86,478 shares in
U.S.-based Piedmont in two transactions after being informed of
details of a five-year spodumene concentrate supply agreement.
Schlosser sold the shares for a realised profit of
$28,883.53 after the agreement became public, according to the
watchdog.
The regulator added that Schlosser communicated information
to a friend "in circumstances where it was likely" that the
person would acquire Piedmont shares.
Last November, Schlosser pled guilty at a court in Sydney.
"We do not comment on the legal proceedings of individuals
or other companies," Piedmont said, while Tesla did not
immediately respond to a Reuters' request for comment.
(Reporting by Upasana Singh in Bengaluru; Editing by Shounak
Dasgupta)
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