Petrofac chief fined €300,000 over insider trading claims
This article contains affiliate links. We may earn a small commission on items purchased through this article, but that does not affect our editorial judgement.
Italy’s National Commission for Companies and the Stock Exchange (CONSOB) alleges that Ayman Asfari was given insider information by an executive of an Italian company and used that information to trade the Italian firm’s securities.
The Petrofac boss is facing a €300,000 fine and asset seizures on property valued at €385,000.
Advertisement
Hide AdAdvertisement
Hide AdCONSOB has also banned Asfari from taking up administrative, management or supervisory roles at any Italian-listed companies for 12 months.
Asfari has denied the claims and is calling on authorities to revoke their decision as he was not given a chance to defend himself before being hit with sanctions.
“I was shocked to receive this notification, and I informed the company as soon as I was made aware,” he said in a statement.
“I absolutely reject this decision which was made entirely in my absence, affording me no opportunity to defend myself. I absolutely confirm that no communication ever took place as alleged and I was never in possession of inside information. I have instructed my lawyers to immediately appeal this decision and I am confident it will be overturned.”
Petrofac said he plans to appeal against the decision in Italian courts if CONSOB fails to revoke the sanctions.
Asfari said he wants to “set the record straight” and is providing regulators with evidence showing their findings are “completely unfounded”.
Advertisement
Hide AdAdvertisement
Hide AdThe company’s board has thrown its support behind the chief executive.
Petrofac chairman Rijnhard van Tets said: “The board fully supports Ayman in his defence against this decision, the steps he is taking to prove that in no way did he act improperly, and his leadership of the company at this difficult time.”