AGL 38.15 Decreased By ▼ -1.43 (-3.61%)
AIRLINK 125.07 Decreased By ▼ -6.15 (-4.69%)
BOP 6.85 Increased By ▲ 0.04 (0.59%)
CNERGY 4.45 Decreased By ▼ -0.26 (-5.52%)
DCL 7.91 Decreased By ▼ -0.53 (-6.28%)
DFML 37.34 Decreased By ▼ -4.13 (-9.96%)
DGKC 77.77 Decreased By ▼ -4.32 (-5.26%)
FCCL 30.58 Decreased By ▼ -2.52 (-7.61%)
FFBL 68.86 Decreased By ▼ -4.01 (-5.5%)
FFL 11.86 Decreased By ▼ -0.40 (-3.26%)
HUBC 104.50 Decreased By ▼ -6.24 (-5.63%)
HUMNL 13.49 Decreased By ▼ -1.02 (-7.03%)
KEL 4.65 Decreased By ▼ -0.54 (-10.4%)
KOSM 7.17 Decreased By ▼ -0.44 (-5.78%)
MLCF 36.44 Decreased By ▼ -2.46 (-6.32%)
NBP 65.92 Increased By ▲ 1.91 (2.98%)
OGDC 179.53 Decreased By ▼ -13.29 (-6.89%)
PAEL 24.43 Decreased By ▼ -1.25 (-4.87%)
PIBTL 7.15 Decreased By ▼ -0.19 (-2.59%)
PPL 143.70 Decreased By ▼ -10.37 (-6.73%)
PRL 24.32 Decreased By ▼ -1.51 (-5.85%)
PTC 16.40 Decreased By ▼ -1.41 (-7.92%)
SEARL 78.57 Decreased By ▼ -3.73 (-4.53%)
TELE 7.22 Decreased By ▼ -0.54 (-6.96%)
TOMCL 31.97 Decreased By ▼ -1.49 (-4.45%)
TPLP 8.13 Decreased By ▼ -0.36 (-4.24%)
TREET 16.13 Decreased By ▼ -0.49 (-2.95%)
TRG 54.66 Decreased By ▼ -2.74 (-4.77%)
UNITY 27.50 Decreased By ▼ -0.01 (-0.04%)
WTL 1.29 Decreased By ▼ -0.08 (-5.84%)
BR100 10,089 Decreased By -415.2 (-3.95%)
BR30 29,509 Decreased By -1717.6 (-5.5%)
KSE100 94,574 Decreased By -3505.6 (-3.57%)
KSE30 29,445 Decreased By -1113.9 (-3.65%)

A US judge declined to throw out an insider-trading case against a former Credit Suisse's investment banker, paving the way for his retrial next week.
US District Judge Richard Berman, who had declared a mistrial in December in the case against Hafiz Naseem, ruled that he did not find that "either the government or the defendant suffered any prejudice" because of the decision, according to a written ruling made public on Friday.
Rahim is a former head of the investment banking group at Faysal Bank in Pakistan. Naseem, who joined Credit Suisse in 2006, was arrested by Federal Bureau of Investigation agents in May. He has pleaded not guilty to criminal charges of conspiracy and securities fraud.
Naseem's lawyer, Michael Bachner, had asked the court to dismiss the case on grounds of double jeopardy, which forbids a defendant from being tried twice for the same crime.
"We respectfully disagree with the court's decision," Bachner said. "And if the need arises we intend to appeal it." Berman had declared a mistrial on the second day of the trial after finding that two jurors had failed to follow instructions. A new trial is scheduled to begin on Monday before US District Judge Robert Patterson.
Naseem, a Pakistani national, who worked for Credit Suisse's Global Energy Group in New York, is accused of leaking inside tips about a string of pending merger deals to a co-defendant, Ajaz Rahim, who has an arrest warrant pending against him.
Prosecutors contend that from April 2006 to February 2007, Naseem provided Rahim with inside tips about pending deals, including the $32 billion private equity buyout of Texas power company TXU Corp.
The alleged scheme generated profits of more than $7.5 million, according to prosecutors. If convicted, Naseem could face at least 25 years in prison and deportation.

Copyright Business Recorder, 2008

Comments

Comments are closed.