The boss of Petrofac has lost his appeal against an insider trading fine imposed by Italy’s financial regulator. After a court in Rome upheld the penalty, Ayman Asfari said that he planned to appeal to a higher court. A spokesman said that the ruling had been “a total surprise and hugely disappointing”. Mr Asfari, 60, has been trying to clear his name since 2017, when he was ordered to pay more than €600,000 by the Italian regulator, known as Consob. 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. Consob concluded that Mr Asfari had
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 .