Insider Dealing: Two charged at City of Westminster Magistrates Court

Neel Akash Uberoi of Kenley, Surrey, date of birth 22 August 1947 and Matthew Francis Uberoi of Kenley, Surrey, date of birth 12 December 1984 were today charged at City of Westminster Magistrates Court with 17 counts of insider dealing, contrary to section 52 of the Criminal Justice Act 1993.

They have each been charged as follows:

• Having inside information which related to a proposed takeover of Neutec Pharma Plc, acquired 2000 shares, 1800 shares, 2500 shares and 700 shares on 30 May 2006; 3000 shares on 1 June 2006; 3000 shares, 3000 shares, 4000 shares and 2000 shares on 5 June 2006 and 3000 shares on 6 June 2006 in Neutec Pharma Plc;
• Having inside information which related to a proposed takeover of Birse Group Plc, acquired 50,000 shares on 22 June 2006 in Birse Group Plc; and
• Having inside information which related to an impending announcement of advantageous developments concerning Gulf Keystone Petroleum Limited, namely a major expansion of its exploration and appraisal activities and/or partnership with a major oil and gas company, acquired 10,000 shares on 1 August 2006; 10,000 shares, 20,000 shares and 20,000 shares on 2 August 2006 and 25,000 shares and 15,000 shares on 3 August 2006 in Gulf Keystone Petroleum Limited.

The Magistrates Court declined jurisdiction and held that the case was suitable for trial on indictment before the Crown Court.  Proceedings were adjourned until 22 October 2008 when a plea and case management hearing will be heard at Southwark Crown Court.

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