Australia's corporate regulator has started legal action in the federal court against German construction group Hochtief for insider trading.

The Australian Securities and Investments Commission on Tuesday said was seeking a declaration of contravention and a financial penalty order against Hochtief for alleged insider trading. ASIC’s decision centres on the early 2014 on-market acquisition of ordinary shares of Leighton Holdings (LEI), now known as CIMIC Group, by Hochtief’s local…