Mohammed Asfari has lost a court case in Dubai appealing against an insider trading fine . The ruling came as a complete surprise and Asfari plans to appeal to a higher court , according to a spokesperson . The former CEO was fined € ##500 ( $ 500 ) by the Italian regulator in 2017 over deals executed in 2012 betting that the shares of rival Saipem would fall just hours before CEO Pietro Franco Tali resigned . Italian regulator Consob claimed Asfari had been tipped off by him , a claim they both deny . The case relates to dealings by Mr Asfari in 2012, when he made €300,000 by betting on a share price fall at Saipem, an Italian rival, hours before Pietro Franco Tali, its chief executive, resigned over a corruption inquiry. Tali succeeded in overturning his fine last year .
Mohammed Asfari has lost a court case in Dubai appealing against an insider trading fine . The ruling came as a complete surprise and Asfari plans to appeal to a higher court , according to a spokesperson . The former CEO was fined € ##500 ( $ 500 ) by the Italian regulator in 2017 over deals executed in 2012 betting that the shares of rival Saipem would fall just hours before CEO Pietro Franco Tali resigned . Italian regulator Consob claimed Asfari had been tipped off by him , a claim they both deny . Tali succeeded in overturning his fine last year .