August 24, 2017 / 11:39 AM / in a year

Italy's markets watchdog imposes sanctions on Petrofac's CEO

Aug 24 (Reuters) - Italy’s markets watchdog Consob has imposed sanctions on Petrofac Ltd CEO Ayman Asfari, including a 300,000 euro ($353,790.00) fine, in relation to dealing in shares of an Italian company, Petrofac said on Thursday.

Petrofac said Asfari had informed the company he believed the decision to be wholly without merit, and is determined to contest the decision and the process by which it was conducted, to the fullest extent possible.

The sanctions also include a 12-month disqualification from taking up management roles in any Italy-listed companies and an order confiscation property with a value of 385,000 euros.

Petrofac’s Chairman Rijnhard van Tets said the board fully supported Asfari in his defence against the decision. ($1 = 0.8480 euros) (Reporting by Sanjeeban Sarkar in Bengaluru. Editing by Jane Merriman)

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