It is believed to be the first time the court has granted such a move against one of the City's self- regulatory bodies, which guard their powers and autonomy closely.
An SFA investigation found that Anthony O'Sullivan, while working for the Kuwaiti Investment Office, had made illegal share deals and was involved in skimming off money into a Swiss bank account.
He was said to have been paid massive commissions to liquidate KIO assets after several governments had frozen Iraqi and Kuwaiti assets following the outbreak of the 1990 Gulf conflict. The SFA's appeal tribunal said Mr O'Sullivan was involved in a 'dishonest and covert operation' and displayed 'an utter lack of integrity'.
Yesterday his solicitor, Stephen Pollard, of Kingsley Knapley, said the investigation was suspect and the court had agreed that certain matters needed to be reviewed.
He was concerned that Mr O'Sullivan was judged by the SFA on written evidence from his KIO colleague Lucas Van der Ploeg, who was fined pounds 100,000. Mr O'Sullivan was managing director and Mr Van der Ploeg head of trading at Sassoon (Europe), a broking firm 49 per cent owned by the KIO.Reuse content