The trial of a former Clifford Chance solicitor and his brother for alleged insider dealing and fraud has been delayed by at least seven months, in part as a result of the criminal bar’s strike action.
Suhail Zina and Mohammed Zina, who worked as an analyst in the conflicts resolution group at investment banker Goldman Sachs, face six counts of insider dealing relating to the purchase of shares in companies including Arm Holdings and Punch Taverns between July 2016 and November 2017.
The pair – who allegedly made a profit of £142,000 – are also charged with three counts of fraud in relation to loans totalling £95,000 obtained from Tesco Bank, which prosecutors say were claimed for home improvements but instead funded the alleged insider dealing. They deny all the charges.
Suhail Zina, 35, and Mohammed Zina, 34, were charged by the Financial Conduct Authority in February 2021 and were due to stand trial at Southwark Crown Court in October.
However, the trial has now been adjourned until at least May 2023 as a result of the ongoing strike by criminal barristers – which will escalate to uninterrupted ‘weeks of action’ following this week’s overwhelming vote in favour by Criminal Bar Association members.
Allison Clare QC, for Suhail Zina, told the court on Wednesday that ‘as matters currently stand, all defence counsel are intending to participate in the days of action which start continuously from Monday’, saying that the trial date of 10 October is ‘simply no longer feasible’.
Judge Gregory Perrins, who told counsel that ‘the bar action has obviously thrown the court diary into a complete state of disarray’, said that ‘the obvious course is to grasp the nettle now’. He added that the trial could be listed in May or September next year, but did not fix a definite date.
