Legal Updates

Defendant applies to have insider dealing case ''thrown out''

Date:  05 Sep 2008

The Financial Services Authority (FSA) has been challenged to drop an insider dealing case as a result of procedural irregularities, it has been reported.

Father and son Neel and Matthew Uberoi each stand accused on 17 counts of illegal share trading, but lawyers acting on behalf of the duo believe the case should be thrown out, reports the Times.

The charges relate to trading activity in two companies over four months in 2006 - NeuTec Pharma and Gulf Keystone Petroleum.

Acting on behalf of the defendants in the City of Westminster Magistrates Court, Patrick O’Connor, QC, declared that the FSA had failed to comply with the necessary legal requirements when bringing the case to court.

However, the FSA claims the procedural point did not apply to them and that, in any case, the trial could continue even if the judge found fault in the authority’s processes.

District Judge Purdy chose to reserve judgment for two weeks.

Eddie Johns is Vizards Tweedie''s white collar crime expert.

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