Petrofac Plc (LON:PFC) chief executive Ayman Asfari has said he ‘strongly refutes’ charges made against him by Italian stock market authorities relating to insider trading.
The London listed oil and gas services engineering group, in a stock market statement, noted that it has been informed of administrative sanctions made against Asfari by the Italian National Commission for Companies and the Stock Exchange (CONSOB), relating to a past personal dealing in securities of an Italian listed company.
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CONSOB has alleged and determined that an executive of the Italian company passed inside information to Mr Asfari and that Mr Asfari subsequently acted on that information by trading in the securities of the company, Petrofac noted.
The Italian regulator has fined Asfari €300,000 and has issued an order confiscating property with a value of €385,000. It has also disqualified the Petrofac boss from taking any administrative, management or supervisory positions in any Italian listed companies for twelve months.
Asfari has already asked CONSOB to revoke the decision at the earliest opportunity, Petrofac added, and he intends to appeal the decision.
“I was shocked to receive this notification, and I informed the company as soon as I was made aware,” Asfari 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 chairman Rijnhard van Tets, meanwhile, told investors that the board fully supports Asfari in his defence against the CONSOB decision.