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 .
Ayman Asfari has lost a court case in Rome 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 Italian regulator in 2017 over deals executed in 2012 betting that the price of rival Saipem would fall just hours before CEO Pietro Franco Tali resigned. Italian regulator Consob claimed Asfari had been tipped off by Tali, a claim they both deny. Tali succeeded in overturning his fine last year.