The Financial Services Authority (FSA) has fined the head of Genel Enerji, the Turkish oil group, almost £1 million for insider trading in shares of Heritage Oil.
Mehmet Sepil, the chief executive of Genel, will pay £967,005, the largest-ever fine by the FSA against an individual for market abuse. Murat Ozgul, Genel’s chief commercial officer, and Levent Akca, its exploration manager, will pay £105,240 and £94,062, respectively.
All three men were found to have bought and sold shares in Heritage at a profit after finding out drilling results, as a result of a joint venture between Genel and Heritage, before full details were given to the wider market.
The trio flew to London together to attend a series of meetings on May 4, 2009 at