FCA charges three with insider dealing in Logica shares

A former business analyst at Logica and two other men have been criminally charged by the UK's financial watchdog with dealing shares in the IT outsourcer using inside information.

The Financial Conduct Authority has charged Manjeet Singh Mohal, who was a business analyst at Logica, with passing on inside information in 2012. The FCA also charged Reshim Birk and Surinder Pal Singh Sappal with insider dealing, the regulator said in a brief statement.

All three defendants appeared at Westminster magistrates' court on Wednesday to formally face the charges. None has entered a formal plea.

All three are from Southall in west London. Mr Birk listed his occupation as a property investor and Mr Sappal as a security information officer.

A solicitor for Mr Mohal, 58, and Mr Birk, 54, was not immediately available for comment. A solicitor for Mr Sappal, 51, declined to comment.

It is the second FCA case of insider dealing that turns on the events before Logica's £1.7bn takeover by CGI Group of Canada in 2012.

The FCA has had a string of successes in separate insider dealing cases in recent months. The Financial Services Authority, its predecessor, had never prosecuted the crime before 2008. It has since convicted 27 individuals for the crime, which carries a maximum seven-year prison sentence.

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