According to the Evening Standard, former CSFB compliance officer Asif Butt has admitted that he did pass on confidential information to others during his tenure at the firm, but told Southwark Crown Court that he believes what he did was not illegal as it did not breach the Criminal Justice Act.
Butt contends that, although he did pass on sensitive information to four others about forthcoming M&A plays and impending profit warnings, he did not break the law as the information was used in connection with spread betting gambling. Butt claims that only insider dealing via a stock exchange was illegal at the time he made the disclosures. He contends that he may have abused his postion as a trusted employee of CSFB, but that he shouldn't be banged up or found guilty for that.
The former compliance officer also claimed that the four others in the dock with him were not aware that the information he passed on to them was confidential. The case continues.
And finally, staying with CSFB, it's good to report that it's not all doom and gloom at the firm. Although the impending restructure will no doubt put several noses out of joint, CSFB's Asian unit remains in good spirits. According to Reuters, the unit is profitable and CSFB is targeting Asia for further growth. The firm has steadily moved up the league tables there and the senior management are said to be well in with CSFB CEO Brady Dougan.
The firm is said to be currently looking at options to enter the Chinese investment banking market via a joint venture deal and has courted several Chinese partners.