Ian Hannam, the former JP Morgan Cazenove banker, is to fight to clear his name by claiming the man to whom he is alleged to have passed inside information was already deemed an insider on the deal.
The Telegraph reports that in one of the most high-profile cases brought by the City regulator in recent years, the veteran dealmaker was fined £450,000 in April 2012 by the Financial Services Authority for market abuse.
The regulator, whose responsibilities for policing the City have transferred to the Financial Conduct Authority (FCA), accused him of providing inside information in relation to a planned takeover of Heritage Oil, one of his clients.
Ian Hannam stood down from the investment bank last year, after a decades-long career which saw his team work on £210bn of equity-related issuance since 2005 and a string of big-name deals, most recently the merger of Glencore and Xstrata. The so-called 'King of mining M&A' will this week argue that the information in question was not precise or detailed enough to be acted upon.
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