Petrofac Limited (LON:PFC) chairman Rijnhard van Tets has said the company is hoping for a “swift conclusion” to a probe by Italian regulators into share transactions related to chief executive Ayman Asfari.
It comes after the UK High Court made a judgement in Asfari’s favour, handing down a judgment that he was not served process in connection with the administrative sanctions made against him by the Italian National Commission for Companies and the Stock Exchange (CONSOB).
The High Court has now ordered that the Certificate of Service relating thereto should be set aside and annulled. Subsequently, CONSOB will have seven days following service to apply to set aside or vary the judgment.
Asfari, meanwhile, continues to refute all of the charges made against him and is engaged in appeal proceedings in Italy.
“The board has supported Ayman in his defence from the outset and this decision confirms his assertion that due process was not followed,” Tets said in a statement.
“We hope that a swift conclusion will now be reached to prove that in no way did Ayman act improperly."