Pakistani Billionaire Named in an Insider Trading Case in UK

A multi-billionaire Pakistani-national, Alshair Fiyaz’s name has appeared in the high-profile insider trading case taken up by the Southwark Crown Court upon request of the United Kingdom’s (UK) Financial Conduct Authority (FCA).

Alshair Fiyaz has an estimated net worth of $3 billion. He came into the limelight when he acquired the yacht “Ecstasea’, that had been built for a Russian billionaire called Roman Abramovich, for $75 million.

He has been connected with alleged market manipulation in the said case. In the hearing at the court, the FCA prosecutor, while cross-examining defendant Walid Choucair, asked if Fiyaz was involved in the market manipulation with the defendant.

Notably, the defendant was a day trader who has been accused of making £1.4 million in profit trades with the help of insider information.

Nevertheless, Chaucer’s lawyer called Richard Wormald told the jury that Alshair Fiyaz also made $8.3 million from three trades that corresponded to those made by the defendant.

The prosecution maintained that the defendant had made $1.8 million profit from five trades in 2013 and 2014. Chaucer said that Fiyaz was his associate and he had been receiving his investment ideas from him among other associates instead of his friends at the UBS.

He said that Fiyaz was trading ‘high multiples’ alongside him. The UK financial regulator accuses Choucair of receiving tips from an ex-UBS compliance officer, who had access to confidential information on deals and had been communicating with the trader via burner phone.

Both individuals have denied the charges, saying their friendship was entirely social.

Via: Profit



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