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. 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. Italian regulator Consob claimed Asfari had been tipped off by Tali, a claim they both deny. In another case, former Fiat Chrysler chief Sergio Marchionne is facing charges for allegedly using his position at the automaker to help secure government contracts worth more than $900 million.
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. In another case, former Fiat Chrysler chief Sergio Marchionne is facing charges for allegedly using his position at the automaker to help secure government contracts worth more than $900 million.