Pakistani banker denies insider trading

Pakistani banker denies insider trading
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First Published: Fri, Jul 06 2007. 01 11 AM IST
Updated: Fri, Jul 06 2007. 01 11 AM IST
Pakistani investment banker Ajaz Rahim, indicted on 3 July by a US grand jury, denied that he traded shares of TXU Corp. and other companies with inside information and said his lawyers will contest the case.
Rahim, 44, dismissed allegations he conspired with former Credit Suisse banker Hafiz Muhammad Zubair Naseem to make illegal trades, operated a brokerage account for his fellow Pakistani national or exchanged emails about US stocks.
“I am completely innocent and will fight to the end,” Rahim said in a phone interview on Wednesday. “The data provided to the court regarding our telephonic conversations is very limited and paints a lopsided picture of what the reality is.”
Rahim, former head of investment banking for Faysal Bank Ltd in Karachi, and Naseem, who worked at the New York office of Zurich-based Credit Suisse, were named defendants in a 26-count indictment filed on 3 July in federal court in Manhattan.
Prosecutors charged Naseem in May with feeding tips to Rahim on a $32 billion buyout bid for TXU and eight other takeovers in which the bank was an adviser. Pakistan’s Prime Minister Shaukat Aziz said in a 17 June interview that US authorities had yet to seek information about the case.
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First Published: Fri, Jul 06 2007. 01 11 AM IST