Petrofac boss expresses ‘shock’ at Italian claims

Italian authorities have ordered property seizures and slapped the chief executive of Petrofac with a €300,000 (£276,000) fine after accusing the oil services firm boss of insider trading.

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 secu- rities. The Petrofac boss is facing a €300,000 fine and asset seizures on property valued at €385,000.

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,” he added.