Ex-Goldman Sachs UK Analyst Jailed for Insider Dealing after London Trial

Mohammed Zina, 35, was employed by Goldman Sachs International in its conflicts resolution group in London. - Reuters
Mohammed Zina, 35, was employed by Goldman Sachs International in its conflicts resolution group in London. - Reuters
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Ex-Goldman Sachs UK Analyst Jailed for Insider Dealing after London Trial

Mohammed Zina, 35, was employed by Goldman Sachs International in its conflicts resolution group in London. - Reuters
Mohammed Zina, 35, was employed by Goldman Sachs International in its conflicts resolution group in London. - Reuters

A former Goldman Sachs analyst was on Friday jailed for 22 months after he was convicted in a London court of using inside information to buy shares in listed companies and make more than 140,000 pounds ($175,650).

Mohammed Zina, 35, was employed by Goldman Sachs International in its conflicts resolution group in London.

Prosecutors said he used confidential information to buy shares in six companies between July 2016 and December 2017, including chip designer Arm Holdings with knowledge of SoftBank Group's impending $32 billion acquisition.

Zina would have made another 15,000 pounds, but he was arrested before he could sell his shares in snack maker Snyder's-Lance Inc, prosecutors said, Reuters reported.

He had pleaded not guilty to six offences of insider dealing and three counts of fraud for allegedly lying to Tesco Bank about the purpose of loans which were used to buy the shares.

But Zina was convicted of all nine charges on Thursday, following a trial at Southwark Crown Court.

Judge Tony Baumgartner sentenced him to 22 months in prison, saying: "You betrayed the trust of your employer, as well as cheated honest investors in the shares you traded using inside information you saw at work.

"What you did strikes at the very heart of our financial markets and the trust and confidence the public places in them."

He added: "You have thrown away what was undoubtedly a promising career in banking, something that many young people dream of, and for the sake of easy gain."

The judge listed a further hearing in September to deal with the prosecution's application to confiscate the profits made by Zina.

A Goldman Sachs spokesperson said: "Mohammed Zina betrayed the trust we placed in him and his misuse of client information was in direct contradiction of our values. We have zero tolerance for this conduct."

Mohammed Zina's lawyer declined to comment following the sentence.

His brother Suhail Zina, formerly an associate at law firm Clifford Chance, had also stood trial but was cleared of all nine charges. Clifford Chance declined to comment.

Earlier on Friday, Zina's barrister Brendan Kelly told the court he was the most junior member of the conflicts resolution group and was arrested more than six years ago, so had been "enduring these proceedings" ever since.

"Both the stigma and the impact of both conviction and imprisonment will have a very significant effect on this relatively young man of exemplary character," Kelly said.

 

 

 

 

 



UAE’s Mubadala Acquires Majority Stakes in Global Medical Supply Chain, Al Ittihad Drug

The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
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UAE’s Mubadala Acquires Majority Stakes in Global Medical Supply Chain, Al Ittihad Drug

The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM

Mubadala Investment Company has acquired an 80% stake in Global Medical Supply Chain (GMSC) and Al Ittihad Drug Store (IDS) from GlobalOne Healthcare Holding (GHH), with GHH retaining a 20% stake, Emirates News Agency (WAM) reported on Tuesday.

This strategic acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors, aligning with the UAE's vision to establish a robust life sciences infrastructure, WAM said.

Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement, logistics, inventory management, warehousing, and maintenance.

GMSC serves over 200 medical facilities, including hospitals and clinics across the UAE. With a dedicated team of medical supply chain specialists, GMSC sources a broad array of products from almost 400 suppliers, ensuring a reliable supply chain for all medical needs.

IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE. Distributing over 1,000 products from over 40 leading suppliers, IDS services every hospital, and all, or at least most pharmacies and supermarkets within the UAE. It boasts a vast portfolio that spans multiple therapeutic categories including anti-infectives, asthma, diabetes, and oncology.

"The expanding pharmaceutical market drives an increasing demand for specialized and efficient drug logistics solutions. By integrating GMSC and IDS into our portfolio, we are poised to create a vertically integrated life sciences sector in the UAE and enable its potential to encompass the entire value chain from logistics and distribution to specialized manufacturing,” said Executive Director of UAE Clusters at Mubadala's UAE Investments Platform Ismail Ali Abdulla.

As for Low Ping, Group CEO Yas Holding, she said that the transaction “continues Mubadala's strategic growth, following another significant acquisition by its new speciality pharmaceutical business, KELIX bio, which recently acquired a 100% stake in four pharma assets from GlobalOne Healthcare Holding's, the healthcare division of Yas Holding.”

“These concerted efforts underline Mubadala's commitment to strengthening the UAE's healthcare and pharmaceutical sectors as part of broader national ambitions for drug security and economic diversification."

GlobalOne Healthcare Holding LLC serves as the dedicated Healthcare Division of Yas Holding LLC, focusing on enhancing healthcare outcomes by investing in innovative solutions across various healthcare verticals.