Panchal's position was terminated on February 28 this year, on day after QGC managing director Richard Cottee heard about his involvement in an ASIC investigation into the alleged purchase of 400,000 QGC shares between January 15 and February 1.

QGC went into a trading halt on February 1 with its shares at $3.42 prior to the company's announcement of its CSM-LNG alliance with BG Group.

The share price subsequently rose above $4 on February 4 and since traded as high as $4.67. QGC is currently trading at $3.57.

Cottee said the company had provided ASIC with information to assist its investigation and that he was not aware of anyone apart from Panchal being under investigation.

"As a publicly listed company and a responsible corporate citizen, QGC is committed to impeccable corporate behaviour." he said.

"QGC is an open and transparent company with nothing to hide. We have been respecting ASIC requests to keep the investigation confidential. I am prepared to comment now because the circumstances have changed."

He added the ASIC investigation was now a matter of public record as a result of the filing of documents in the District Court of Queensland last week and the report in The Australian newspaper today.

"While I make no comment on his allegedly unlawful activities, I satisfied myself that Mr Panchal had breached our Code of Conduct and our Securities Trading Policy," Cottee added.

"The values, ethics and integrity of QGC have always been of paramount importance to the Board, the company's executive management and hard-working staff.

"Unfortunately, the best of intentions and the most rigorous corporate governance framework cannot always prevent unacceptable behaviour."