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.

 

 

 

 

 



GE Vernova Rolls Out First H-Class Gas Turbine in Saudi Arabia

In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
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GE Vernova Rolls Out First H-Class Gas Turbine in Saudi Arabia

In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova

In the presence of Saudi Minister of Energy Prince Abdulaziz bin Salman, GE Vernova Inc. has announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam in an official ceremony held at GESAT.

GESAT, a joint investment with Dussur, is the first facility in Saudi Arabia and the region to manufacture H-Class gas turbines and components.

The first locally completed H-Class unit is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP), which once operational is anticipated to be the most efficient power plant in Saudi Arabia.

By 2030, the entire Jafurah gas field is expected to produce up to 630,000 barrels of natural gas liquids and condensates, as well as over 420 million standard cubic feet (MMSCFD) of ethane per day.

The successful rollout of the locally completed gas turbine at GESAT is a significant milestone in the Kingdom’s energy sector and contributes to Saudi Arabia’s economic diversification and local skills development initiatives, in alignment with Saudi Vision 2030 goals.

The rollout underscores GE Vernova’s commitment to bringing cutting-edge technology products to support both the Kingdom’s energy needs and its sustainability goals.

President of GE Vernova in Saudi Arabia Hisham Al-Bahkali said: “We are incredibly proud of GESAT’s accomplishments in driving industrial localization within the Kingdom’s energy sector in support of Saudi Vision 2030.”

He added: “GESAT strengthens ‘Made in Saudi’ capabilities and, since 2018, has exported 200+ accessory modules for power plants generating more than 11 GW.”

Renowned for their high efficiency and performance, GE Vernova’s H-class gas turbines offer one of the most cost-effective conversions of natural gas to electricity in their class, and support flexible power generation needs across the Middle East.

“The high efficiency and hydrogen readiness of our H-class turbines can support the country’s energy transition, as the turbines can rapidly ramp up or down to support grid stability as more intermittent renewables are integrated into the energy system,” said Joseph Anis, president and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa.

To further support the Kingdom’s economic diversification and export capabilities, GE Vernova also signed an MoU with Saudi EXIM that aims at enabling the export of goods and services of GE Vernova from Saudi Arabia through lending and insurance support from Saudi EXIM Bank.

Since inception, GESAT has been set up to deliver technology products for export from the Kingdom, and this MoU aims to further enable export projects. The signing was done by Eng. Saad Alkhalb, CEO of Saudi Exim Bank, and Hisham Al Bahkali, President of GE Vernova for Saudi Arabia.

GE Vernova spun-off from GE and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology helps generate about 25% of the world's electricity and has a meaningful role to play in the energy transition.