Jane is a non-executive director of Tiger Shuttle Ltd (TSL), a bus company that has routes in the NSW (mainly from Greater Sydney to regional NSW) but also to parts of Victoria and QLD. As part of its business strategy, the company invests a portion of its profits through investment funds and in certain stocks advised by the financial services arm of the Tiger Group. At meetings, the CEO shares confidential information with all the directors in relation to these investments. At its most recent board meeting, the CEO revealed that TSL would be purchasing shares in a company called Flush Ltd, which is involved in improving and innovating lavatory/toilet space on buses. Jane, after attending the meeting, immediately rang her accountant, and advised him to purchase shares in Flush Ltd, based on this information. The accountant purchased the shares on behalf of an investment company, PTE, which was actually founded and managed by Jane. Jane was aware that the information she received was very sensitive and that she was not acting in the interest of TSL (in her role as a director) by using it to her advantage.

Advise TSL of Jane's civil and criminal liability under the Corporations Act 2001 (Cth).

Please use statutory provisions and/or cases to support your answer.

Use IRAC