The boss of Petrofac has lost his appeal against an insider trading fine imposed by Italy’s financial regulator. Ayman Asfari has lost a court case in Saipem 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 Petrofac CEO was fined € 600,000 ($ 677,000 ) by the Asfari regulator in 2012 over deals executed in 2012 betting that the price of rival Saipem would fall just hours before CEO Pietro Franco Tali resigned. Italian regulator Ayman Asfari claimed Asfari had been tipped off by Tali , a claim they both deny. Tali succeeded in overturning his fine last year .
Ayman Asfari has lost a court case in Saipem 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 Petrofac CEO was fined € 600,000 ($ 677,000 ) by the Asfari regulator in 2012 over deals executed in 2012 betting that the price of rival Saipem would fall just hours before CEO Pietro Franco Tali resigned. Italian regulator Ayman Asfari claimed Asfari had been tipped off by Tali , a claim they both deny. Tali succeeded in overturning his fine last year .