LONDON Nov 30 A former Logica employee and his
neighbour on Wednesday pleaded guilty to insider dealing ahead
of the British IT consultancy's 2012 takeover in a case that has
already seen a former manager jailed.
Manjeet Mohal, 59, and 55-year-old Reshim Birk pleaded
guilty on the third day of their trial at the Central Criminal
Court in London. They will be sentenced on Jan. 13, 2017, the
Financial Conduct Authority (FCA) said.
Mohal, who worked in Logica's finance team, pleaded guilty
to two counts of insider dealing and Birk, a neighbour, pleaded
guilty to one count.
Birk admitted using insider information to buy shares and
options in Logica two days before its takeover by Canadian rival
CGI Group was publicly announced, making a profit of
more than 100,000 pounds ($125,000).
No evidence was offered against a third defendant, Surinder
Ryan Wilmott, a former senior manager at Logica, was last
year sentenced to 10 months in jail for insider dealing and
Kenneth Carver, a retired accountant, was fined 35,212 pounds as
part of the same investigation.
The markets regulator has secured 32 convictions since
starting to prosecute insider dealing in 2009. The offence is
punishable by a fine and up to seven years in jail.
($1 = 0.8014 pounds)
(Reporting by Kirstin Ridley; Editing by Elaine Hardcastle)