A former Macquarie banker, under investigation by the Australian Securities and Investments Commission for insider trading while he ran a $4.45bn fund, appeared for sentencing yesterday after pleading guilty to contempt of court. During the hearing yesterday in the NSW Supreme Court, it emerged that Oswyn de Silva had attempted to flee Australia to return to his native Malaysia to seek “urgent medical treatment”, that he had abused cocaine, was HIV positive, was suffering from depression and panic attacks and had tried to harm himself last month. (Daily Telegraph)

A fomer adviser at Macquarie Group has pleaded guilty to illegally manipulating the price of collapsed software firm Bill Express. The Australian Securities and Investments Commission said Newton Chan pleaded guilty in Melbourne’s Magistrates Court on March 12 to eight counts of market manipulation. (The Australian)

It was very easy last year to laugh off the Rudd government’s aspirations for Australia to be a regional financial hub as yet another feel-good project. (Sydney morning Herald)

Further mergers of credit unions are inevitable as they to seek compete with the big banks and fill the gap left by the takeovers of St George and Bankwest, according to the head of the country’s second-largest mutual finance house. (The Age)

UBS splashed out more than 100 million Swiss francs in salaries and bonuses for its top executives last year, roughly 10 times the amount it paid in 2008 when the bank needed government aid to stay in business. (The Australian)