Petrofac’s chief executive made more than €300,000 by betting on a share price fall at a rival oil services company after its boss tipped him off about his imminent resignation, financial regulators in Italy have said.
Ayman Asfari bought put options in Saipem on the morning of December 5, 2012, hours before Pietro Franco Tali’s shock resignation as chief executive over an investigation into alleged corruption. Two days later, after Saipem shares fell, Mr Asfari sold the put options for almost five times their purchase price, making a €302,506 profit.
Consob, the Italian regulator, concluded that Mr Tali had informed Mr Asfari of his planned resignation and that Mr Asfari had bought the options “using such privileged information”.
Mr Asfari, a prominent Conservative Party donor,