Milan — A Rome court has upheld a fine imposed on Petrofac CEO Ayman Asfari by Italian market watchdog Consob for alleged insider trading in Saipem shares, a spokesman for the British oil services company said on Wednesday.
Asfari, who has been CEO at Petrofac since 2002, is alleged to have made a profit on buying shares in the Italian oil contractor just before its then CEO Pietro Franco Tali resigned over a corruption inquiry.
Tali announced he was stepping down as Saipem CEO in a statement issued on Dec. 5, 2012, triggering a share price reaction.
In 2017, Consob fined Asfari 300,000 euros ($339,000) and seized assets worth around 385,000 euros.
The spokesman said Asfari would be appealing the ruling by the Rome court.
“The decision is a total surprise and hugely disappointing. The charge is completely without foundation and merit,” the spokesman said.