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Two plead guilty in Logica insider dealing case in UK

Reuters - UK Focus

LONDON, Nov 30 (Reuters) - A former Logica employee and his neighbour on Wednesday pleaded guilty to insider dealing ahead of the British IT consultancy's 2012 takeover in a case that has already seen a former manager jailed.

Manjeet Mohal, 59, and 55-year-old Reshim Birk pleaded guilty on the third day of their trial at the Central Criminal Court in London. They will be sentenced on Jan. 13, 2017, the Financial Conduct Authority (FCA) said.

Mohal, who worked in Logica's finance team, pleaded guilty to two counts of insider dealing and Birk, a neighbour, pleaded guilty to one count.

Birk admitted using insider information to buy shares and options in Logica two days before its takeover by Canadian rival CGI Group (Frankfurt: 912483 - news) was publicly announced, making a profit of more than 100,000 pounds ($125,000).

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No evidence was offered against a third defendant, Surinder Sappal.

Ryan Wilmott, a former senior manager at Logica, was last year sentenced to 10 months in jail for insider dealing and Kenneth Carver, a retired accountant, was fined 35,212 pounds as part of the same investigation.

The markets regulator has secured 32 convictions since starting to prosecute insider dealing in 2009. The offence is punishable by a fine and up to seven years in jail.

($1 = 0.8014 pounds) (Reporting by Kirstin Ridley; Editing by Elaine Hardcastle)