Turk fined £967,000 for insider trading

THE Financial Services Authority has imposed its largest ever fine on an individual for insider dealing.

Mehmet Sepil, a Turkish oil company executive, was fined 967,000 for trading in shares in London-listed Heritage Oil.

Sepil bought shares in Heritage after he was told the company had made a large oil strike in Iraq.

One day later, Heritage announced the find to the market, its shares rose by 25 per cent and Sepil sold his holding at a 267,000 profit. Two other directors of Sepil's firm were fined a total of 200,000.